When He’s Right, He’s Right

We’ve deliberately eschewed weighing in on the race to the bottom of recent weeks. Perhaps the static pages here have been disappointing.

We return to a matter raised below; it’s more pressing to us — the inevitable coming effort to nationalize (however disguised) large segments of our financial infrastructure.

We’ve had lunch before with Sebastian Mallaby; his World Bank book left us unmoved. Yet here, he makes a narrow but important point.