The Wall Street Journal
crunched some numbers and declared that, even though 10 percent of U.S. citizens are out of work while most of the rest
, the Gilliganesque bunglers in the financial sector are again partying like its 1999,
According to the
Bill Black has a
. So far he's one of the only knowledgeable people I've read who calls it what it is: fraud.
My favorite part of his take? That the financial sector acts as a brain drain on the "real economy."
OK, so the Dow is now over 10,000 again. Whoopee. Has anyone yet stepped forward to defend the idea of turning top physicists—guys who could maybe get us fusion—into piddly little million-bucks-per-year hedge fund quants?