Live and Learn

My favorite joke from today’s Times (my emphasis):

So, one by one, the banks that took on the most risk are facing the real possibility of going under. Those with stronger balance sheets, such as Morgan Stanley and Goldman Sachs and JPMorgan Chase, are suffering much less.

For Wall Street, the lesson has been sobering — and unlikely to be forgotten for several years, said Dr. Sohn, the California State economist.

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