Banks of today look nothing like banks of just twenty-five years ago.
That is an interesting quote from a very interesting blog post. Many bloggers and pundits have ready (and emotionally satisfying) answers for the banking crisis. Too often they make the improbable assumption that human nature magically changed, as in people got greedy. News flash: people have always been greedy. Human nature hasn’t changed. But something changed, and what changed was big time banking. Unlike too many others, I don’t have an opinion (yet) about what should be done or how (or if) institutions should be changed. I subscribe to the quaint notion that it’s best to first understand the problem before crafting a solution. How odd!