![]() ![]() The real reason why we found ourselves where we did in September 2008 may have had to do with a unique peculiarity in returns from different asset classes in the last 40 years.īefore we discuss what that oddity was, let���s dispense with some other bugbears. No doubt compensation is part of the story. The malaise ran much deeper than the wonky incentive structure that rewarded bankers millions of dollars in bonuses for short-term risk-taking, while transferring the long-term cost of their wrong bets to the taxpayers. He ��� or the tribe of greedy investment bankers he's caricatured to represent ��� didn���t cause the credit crisis. Dick Fuld of Lehman Brothers is just a scapegoat. ![]()
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