Financial Wizards – Under the Hat
It’s fashionable to think of our Financial Wizards as people of such superior intellect that we can’t do without them.
I think they’re more like very smart Children. They really believe, I think (at least many of them), that they fully understand the market and financial forces they pretend to manage. Essentially, they think they are skipping rocks, carefully chosen, over water they see and understand. In other words, they think it is their own skill that is in control.
I agree that what they’re doing is like skipping rocks – but down a loose, rocky hillside.
So when the inevitable happens, and we refuse to hold anyone accountable, why are we surprised??