Hat tip to Aidan C. for this link to Gillian Tett's piece on financial double-think in yesterday's Financial Times. Tett has been mentioned on PE before, and yesterday she wrote:
One of the founding principles of free market theory, for example, is the idea that markets work best when there is a free flow of information.
Yet, some of those bankers who have been promoting free market rhetoric in recent years have also been preventing the widespread dissemination of detailed data on, say, credit derivatives prices. Similarly, while bankers have taken the idea of creative destruction as an article of faith, in terms of how markets are supposed to work, they have been operating on the assumption that their own industry would never suffer too violent a wave of creative destruction.
You can read the whole piece here. Comments?
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