I Passionately Disagreed With Treasury Secretary Hank

The Concept Of A General Equilibrium Has No Relevance To The Real World (in Other Words, Classical Economics Is An Exercise In Futility).

I Have Made It A Principle To Give Advice That Does Not Serve My Personal Interest But Rather The Common Interests.

In The Case Of A Meltdown, The Regulatory Authorities May Find Themselves Obliged To Step In To Preserve The Integrity Of The System. It Is In That Light That The Authorities Have Both A Right And An Obligation To Supervise And Regulate Derivative Instruments.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

As A Society We Can't Live Without Moral Considerations. We Do Have To Protect The Public Good. And Markets Are Not Designed To Do That, So We Need A Political Process.