Roger Lowenstein

That would sound worse. But I think from the standpoint of the example it set for markets, it didn't make, you know, much difference whatsoever.

That would sound worse. But I think from the standpoint of the example it set for markets, it didn't make, you know, much difference whatsoever.

I think that's a bad example. I think capitalism works best with real traders taking real losses when they occur. It disciplines the way people try to make real profits.

I think that's a bad example. I think capitalism works best with real traders taking real losses when they occur. It disciplines the way people try to make real profits.

I think that's a bad example. I think capitalism works best with real traders taking real losses when they occur. It disciplines the way people try to make real profits.

It was just sort of the height of financial hubris. I don't mean hubris in a personal way that they were bad people. I don't mean that at all. But I think they were wrong on a key point, which is the assumption that any black box, any formula based on the historic patterns of how prices have moved can be a guarantee and therefore can give you license to take such tremendous leverage.

It was just sort of the height of financial hubris. I don't mean hubris in a personal way that they were bad people. I don't mean that at all. But I think they were wrong on a key point, which is the assumption that any black box, any formula based on the historic patterns of how prices have moved can be a guarantee and therefore can give you license to take such tremendous leverage.

It was just sort of the height of financial hubris. I don't mean hubris in a personal way that they were bad people. I don't mean that at all. But I think they were wrong on a key point, which is the assumption that any black box, any formula based on the historic patterns of how prices have moved can be a guarantee and therefore can give you license to take such tremendous leverage.

That black box has not been inventive.

That black box has not been inventive.

That black box has not been inventive.

Maybe this time. Maybe this time.

Maybe this time. Maybe this time.

Maybe this time. Maybe this time.