Original source and commentary is at Mother Jones
Warren nails it in the last minute of the tape. The US lack of serious reform is a risk to the world economy.
Obama is a thoroughly modern manager: part Herbert Hoover, and part Richard Nixon.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot