Quotes of the day

Just because a regulator allows you to do something does not mean you should do it.--Jamie Dimon

But the relation between different kinds of investments and the risk of loss is entirely too indefinite and too variable with changing conditions, to permit of sound mathematical formulation. This is particularly true because investment losses are not distributed fairly evenly in point of time, but tend to be concentrated at intervals, i.e., during periods of general depression. Hence the typical investment hazard is roughly similar to the conflagration or epidemic hazard, which is the exceptional and incalculable factor in fire or life insurance.--Ben Graham

Over the last generation, better governance technologies have evolved through private equity, venture capital and hedge funds. This should be the model for the reorganization of Wall Street, and much of the rest of what used to be called "corporate" America.--Larry Ribstein

Has the administration gone mad? This entire fracas was set off by the president himself, who lowered his office by targeting a private citizen by name. Limbaugh had every right to counterattack, which he did with gusto. Why have so many Democrats abandoned the hallowed principle of free speech? Limbaugh, like our own liberal culture hero Lenny Bruce, is a professional commentator who can be as rude and crude as he wants.--Camille Paglia

We should be focusing on whether or not the nominee can do the job, not whether there is some small breach of an onerous regulation in his history that can possibly be dug up. It feels good in the short term, but when ability to find a native-born nanny becomes a more important qualification for the presidential candidate than experience relevant to the job to be done, it's time for a national rethink.--Megan McArdle