MM: Any time that there’s turmoil and markets recede is when a lot of the scams come to light, like Madoff. And I have absolutely no doubt there are others—not as big as that, I’m sure. There probably are going to be some other corporate-type scandals, as well.

But I think this whole interaction of government and business and how that works and what good is done and what harm is done is really going to be a critical one the next couple of years. Clearly the government has gotten much more involved in the economy than ever before. After all these years of decrying the Europeans for socialism, it’s become a somewhat nationalized economy. But that brings all kinds of temptations and problems and opportunities with it. How those play out is going to be really, really interesting and important.

* Updated to correct date