Quote of the Day

From Megan McArdle, on the banking crisis:

Yes, yes, I quite realize that many of these bankers are not nearly as smart as they think themselves. But they aren't nearly as stupid as popular legend would have it. I've sat in the investment banking department at Merrill Lynch, and found the whole thing quite ludicrous. I also grew quite amused at the confidence of vast swathes of America's educated class that of course they could do a much better, and more socially responsible, job running banks and corporations if they weren't much too busy finishing up their thesis on early renaissance poets.

You know, I should just set up a script to download one of her posts every day and make it QotD.

And this is just the fun, snarky, bit of her post. You should really RTWT, because it shows why all the strings attached to the banking sector bailout will do precisely the opposite of what all the Renaissance poetry majors think it will.