The $2b JPM loss is still the talk of the nation. This evening I heard the funniest thing I've heard in a long time. Some pundit on talk radio: "The JPM loss shows the financiers and bankers have learned nothing." The content of the statement isn't funny, it's true. The fact that somebody felt the need to speak it aloud is what I find funny.
When was the last time a human being learned a lesson?
We went through the crazy leveraged buyout era of the 1980s, followed by the S&L debacle. Nobody learned anything from that, as we learned in the 2000s as mortgage-backed derivatives took off, then crashed. The oil bubble of the mid 1980s burst, followed by the dot com bubble of the late 1990s, which burst spectacularly. Following that was the mortgage bubble, which burst.
The most recent bubble was clean energy, which has already burst.
Will somebody please show me the last time a human being learned a lesson? My stance should be obvious. My position prompted the name of this blog -- we're not evolved from apes, we are apes, only we don't have a lot of hair.
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