Innovating Our Way To Financial Crisis

NYT’s Paul Krugman just wrote a brief but solid piece on the financial fauxconomy;

“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”