vit_r

I want to extend the point to cover government, where the chief characteristic is playing with other people's money. Big Finance and Big Government have much in common. Both are coveted by Harvard graduates. Both are characterized by an arrogant sense of entitlement and importance.

Instead of thinking of the pending bailouts and financial regulation as a new era of government supervisions of markets, think of it as preserving the system in which a Harvard elite controls other people's money

Other People's Money by Arnold Kling