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Off-topic, sorry: Levine gets a lot of praise around here, and he does have a great talent for breaking down complex finance topics so that they're easy to unde

Off-topic, sorry: Levine gets a lot of praise around here, and he does have a great talent for breaking down complex finance topics so that they're easy to understand and often entertaining to read about. That being said, sometimes he is awfully sanguine about bank misconduct and crimes. Edit: from the article: "A bank that keeps very careful track of how much money it has, and who owes it money and whom it owes money, and sometimes does evil stuff with that knowledge -- that's fine, really."

stickfigure 9y ago
It's his trademark sarcasm, and the subtle hilarity is one of the reasons I read his daily newsletter. That quote requires more context: You're supposed to know where the money is! That knowledge and reliability is the central function of the bank; getting the dumb spreadsheets right is more important than moral probity. A bank that keeps very careful track of how much money it has, and who owes it money and whom it owes money, and sometimes does evil stuff with that knowledge -- that's fine, really. A bank that sometimes forgets who owes what to whom is the real menace.
joosters 9y ago
That's an unfair quote, taken completely out of context. His articles frequently cover fraud and illegality in the financial markets, and he's never in favour of it. The quote in question was pointing out how bad the latest Wells Fargo scandal is. A bank that can't keep track of money is in serious trouble and is woefully incompetent. The banks ripping off customers but accounting for the profits are evil, but at least they are being competent.
- graedus 9y ago
  I think even with the broader context it doesn't sit right with me, because he could have easily made the completely serious and valid point about banks needing to be competent at their core functions without characterizing "doing evil stuff sometimes" as "fine". Totally possible that my sarcasm detector is broken right now but it seems like he's "only half-joking" here (another of his favorite phrases).

stickfigure 9y ago

It's his trademark sarcasm, and the subtle hilarity is one of the reasons I read his daily newsletter. That quote requires more context: You're supposed to know where the money is! That knowledge and reliability is the central function of the bank; getting the dumb spreadsheets right is more important than moral probity. A bank that keeps very careful track of how much money it has, and who owes it money and whom it owes money, and sometimes does evil stuff with that knowledge -- that's fine, really. A bank that sometimes forgets who owes what to whom is the real menace.

joosters 9y ago

That's an unfair quote, taken completely out of context. His articles frequently cover fraud and illegality in the financial markets, and he's never in favour of it. The quote in question was pointing out how bad the latest Wells Fargo scandal is. A bank that can't keep track of money is in serious trouble and is woefully incompetent. The banks ripping off customers but accounting for the profits are evil, but at least they are being competent.

graedus 9y ago
I think even with the broader context it doesn't sit right with me, because he could have easily made the completely serious and valid point about banks needing to be competent at their core functions without characterizing "doing evil stuff sometimes" as "fine". Totally possible that my sarcasm detector is broken right now but it seems like he's "only half-joking" here (another of his favorite phrases).