You are currently browsing the tag archive for the ‘financial speculation’ tag.

We used to have an economy based on making stuff. Now we have an economy based on making bets. Alas, we haven’t figured out what to do when those bets blow up in our faces.

America’s safety net is based on factory employment, not financial speculation. The theory, I suppose, is that people engaged in financial speculation do so with an eyes-wide-open appreciation for the risks. The theory appears to need some revision.