On the 10 year anniversary of the Lehman bankruptcy, a cottage industry of crisis experts, historical apologists, and generally freelance reminiscers (sic) had emerged, opining on what happened, what should have happened, what changed in the interim ten years, and what will happen in the future.

Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell.

Financial innovation can be highly dangerous, though almost no one will tell you this.

(Investors believe this now and, worse still, the government believes it as well.

We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards.

Categories: ZH