The urgent imperative for the Fed to revert to canons of sound money can be illustrated by its opposite: the utterly shameful and gratuitous bailout of Morgan Stanley two weeks after the Lehman Brothers bankruptcy.
If you're mad about Wall Street pay, take heart: At least one guy on Wall Street seems to get it. He's not going to give back any of his own pay or anything like that! That would be crazy. But at least somebody out there feels your pain.
What is destined to become the most popular video on HuffPost over the next few days is of a purported UFO approaching the Olympic Stadium in London as fireworks are going off during opening ceremonies.
Wall Street has long forgotten how to spell "ethical" or "good," and replaced it with "compliant" and "legal."
The time has come to explain to investment banks what their responsibility and accountability are.