The Intellectual Origins of the Global Financial Crisis

5. An Interview with Paul Levy

Paul Levy, Founder and Managing Partner of JLL Partners asks "How do bubbles happen?" They do not generally happen because of malevolent or corrupt behavior. We live in a society where people generally do roughly good things. So why do they fall prey to bad behavior? Levy suggests that root it is a problem of poor and narrow training, that people who go into business aren't particularly well trained and lack the liberal arts training that would give them the character and perspective to resist the temptations to do wrong.