Econ 191: U.C. Berkeley: Spring 2012: April 3, 2012: David Romer: Monetary Policy at the Zero Nominal Interest Rate Lower Bound
Liveblogging World War II: January 29, 1942

Quote of the Day: January 29, 2012

"The dirty little secret of what used to be known as Wall Street securities firms—Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns—was that every one of them funded their business in this way to varying degress, and every one of them was always just twenty-four hours away from a funding crisis. The key to day-to-day survival was the skill with which Wall Street executives managed their firms' ongoing reputation in the marketplace…"

--William D. Cohan, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street

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