Holman Jenkins has an essay on the financial crisis which has prompted some comment among blogs. Felix Salmon criticizes it here and here .
My take is the essay is peculiar in that it seems to boil down to "s**t happens". This is true but it does not mean what happened was just bad luck and nobody's fault. It is not the job of Wall Street to simply assume risk, it is Wall Street's job to price risk and only assume risk when adequately compensated. It is now clear that Wall Street failed (through some combination of greed and stupidity) to assess risk competently. This needs to be fixed. Jenkins does not acknowledge this.
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