From Lehman to laymen

"Wall Street, in these matters (margin trading), is like a lovely and accomplished woman who must we...

"Wall Street, in these matters (margin trading), is like a lovely and accomplished woman who must wear heavy black cotton stockings… and parade her knowledge as a cook because, unhappily, her supreme accomplishment is as a harlot." Fascinating words from JK Galbraith in his seminal book The Great Crash 1929, which was actually published in 1955. He went on to say that margin trading could only be defended when it created liquidity in a "thin and anaemic market." It is likely the current crisis, when it finally ends, will be comparable to the crash of 1929 - indeed maybe that was what ...