Archive for January 13th, 2010

Fareed Zakaria interviews Michael Lewis, ex-bond salesman at Salomon Brothers and author of “Liars Poker” on how his experience during the junk bond boom of the 80s mirrors the conditions of credit crisis of 2008 and the prospects of Wall Street in the years to come.

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Two Michaels help elucidate how market mechanisms have helped shape moral values in our society.

Michael Lewis, ex-bond salesman and financial columnist, describes the fundamental flaws behind the political structure of the financial markets in recent years: how rating agencies are also compensated by the financial underwriters of rated securities–a political structure which eventually resulted to the financial crisis.

From Lewis’ lucid description, juxtapose the thoughts of political philosopher Michael Sandel, who meanwhile elucidates how the concept of incentives–directly borne out of the market mechanism, has arguably changed the moral norms of society.

Is a market-driven society an ideal one?

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