Notice how people both feel that they (a) deserve their bonus and (b) budget their fixed expenses and lifestyle as if they are going to get their bonus. Is there any wonder you see so many people not report problems or actively “race to the bottom” in terms of ethics?
— Mike Konczal (Roosevelt Institute), on Wall Street
[The] United States bond market is one of the largest, most-liquid, most-studied, most transparent markets in the world. There’s nothing the ratings agencies have that [anyone] else doesn’t have.
— Mike Konczal (Roosevelt Institute)