Michael Lewis on CBS 60 Minutes: How the capitalism was almost destroyed by the capitalists in the Fall of 2008 – [VIDEO]

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Felix Salmon review of Michael Lewis&#8217-s book, &#8220-The Big Short&#8221-.

How Paul Volcker will save the world

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Paul Volcker:

The specific points at issue are ownership or sponsorship of hedge funds and private equity funds, and proprietary trading — that is, placing bank capital at risk in the search of speculative profit rather than in response to customer needs. Those activities are actively engaged in by only a handful of American mega-commercial banks, perhaps four or five. Only 25 or 30 may be significant internationally.