Implications
a) Leverage kills
b) If it quacks, it is a duck
c) Market efficiency
d) Big banks are like nuclear power stations
e) Statistical models are like bikinis: what they reveal is suggestive, but what they conceal is vital
f) Bagehot and Keynes were both right
g) Rent-seeking is not wealth creation
h) Much of the capital they put at risk belongs to others
John Cassidy is a staff writer at The New Yorker and the author of 'How Markets Fail'
http://www.ft.com/cms/s/0/b8b003ba-2f87-11df-9153-00144feabdc0.html
