in the middle of the night

Paul Krugman may have it right this time.

“Thirty-plus years ago, when I was a graduate student in economics, only the least ambitious of my classmates sought careers in the financial world. Even then, investment banks paid more than teaching or public service — but not that much more, and anyway, everyone knew that banking was, well, boring.

“Strange to say, this era of boring banking was also an era of spectacular economic progress for most Americans.”

Continue reading at NYTimes …