Monday, April 04, 2005

Bankruptcy Blogging--U of C Smackdown Edition 

Here, Harvard law prof Elizabeth Warren gives Becker and Posner the whatfor. Efficient market theory is obviously extremely powerful and important, but that doesn't mean you should always assume it exists. ESPECIALLY in a market with information as assymetric as that found in the consumer credit card business. I mean, the whole sales pitch is based on smoke and mirrors and baits and switches. Geez, Gary and Dick (if his clerks can call him that, I can too dammit!), be skeptical once in a while.

Also, well, I feel bad for Illinois fans. But, as I said when I used to play NBA Jam on Sega Genesis--if you live by the three, you die by the three.
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