Quote of the week: Jamie Dimon

Quote of the week

by digby

Jamie Dimon:

"Just because we’re stupid doesn’t mean everybody else was."

I don't know about you, but this would indicate to me that the whole meritocratic belief system about the "job creators" being the smartest people on the planet who must be revered as the great sages of the age might just not be right.

In fact, it could be that they are just average, human fuck-ups who shouldn't be trusted with so much power over the world economy with no oversight or regulation. You know, for their own good as much as ours. A little communal, hive mind activity in which people with different stakes in the system all have input might just be good for everyone. Even them.

Update: Here's a good article explaining the big bet.

This makes me want to watch Margin Call again tonight.