Halfway through a cranky discussion with the Observer on New York real estate development, Tom Wolfe turned with relish to the topic of the ongoing financial panic. The enthusiasm was understandable from an author who wrote an epic novel, Bonfire Of The Vanities, psychologically centered on Wall Street. First thing to understand, according to Wolfe: Investment banks like Lehman Brothers hire losers, "real second-raters" from "the bottom of the barrel" who couldn't get on at hedge funds. Of course they set your money on fire! Second thing to understand: Even these incompetents might have made do if it weren't for the evils of information technology:

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