Tuesday, 12 April 2011

Wot Keynes said

Could have been speaking about the run-up to the current crisis couldn't he?:
[R]emoteness between ownership and operation is an evil in the relations among men, likely or certain in the long run to set up strains and emnities which will bring nought to the financial calculation.


john b said...

Definitely, absolutely, 100% applies to loans sold through mortgage brokers and syndicated by investment banks. In fact, I'm struggling to think of something that could apply better.

(I'm not as convinced as you that it applies quite so strongly to shareholder capitalism in general, although there's definitely an extent to which it does).

Tom Powdrill said...

yep and the full quote (now posted above) even more so.