The Free Lunch Has Still To Be

I Do Not Deny That Many Appear To Have Succeeded In A Material Way By Cutting Corners And By Manipulating Associates, Both In Their Professional And In Their Personal Lives. But Material Success Is Possible In This World And Far More Satisfying When It Comes Without Exploiting Others.

Improvements In Lending Practices Driven By Information Technology Have Enabled Lenders To Reach Out To Households With Previously Unrecognized Borrowing Capacities.

History Demonstrates That Participants In Financial Markets Are Susceptible To Waves Of Optimism. Excessive Optimism Shows The Seeds Of Its Own Reversal In The Form Of Imbalances That Tend To Grow Over Time.

But Rules Cannot Substitute For Character.

The Arts Develop Skills And Habits Of Mind That Are Important For Workers In The New Economy Of Ideas.