Just as great cities reflect the genius of their architects, great financial manias reflect the folly of their besuited draughtsmen. New ways of raising and spending capital beguile ambitious bosses and propel markets. This time is no different. Silicon Valley, Wall Street and Washington are conspiring in one of American capitalism’s great money-making eras. The value of America’s listed companies relative to the size of the economy is the highest it has ever been.
in Business
