I liked the insights presented in this essay, although sadly I think the whole thing was mangled to make it seem relevant to recent events: the banking bailouts

I liked the insights presented in this essay, although sadly I think the whole thing was mangled to make it seem relevant to recent events: the banking bailouts and the outcry over bankers' compensations should probably have been left out of it completely; banking is regulated in so many ways that you can hardly apply market-principles anymore.