Major Conflict: "As long as real estate values kept rising, it didn't matter what these chimerical investments were worth. What mattered to Wall Street was the ability to collect enormous fees from real people, in real dollars, for trading unicorns and dragons.
After the bursting of the Internet and housing bubbles, I think we're done with bubbles for a while. Obama's first challenge -- and it may take much of his first term -- is to get the economy back into a pattern of tangible, sustainable growth. He will be able to thank Madoff for giving us the simplest possible explanation of what we knew all along but chose to ignore: that there's still no such thing as a free lunch."
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