Bethany McLean quotes:

Fixing Fannie Mae and Freddie Mac in isolation, without looking at the big picture, would be short-sighted.

Home ownership was the fig leaf for the rise in subprime lending. But that was really about cash-out refinancings, not buying homes.

When Warren Buffett invests in a company, he is conferring upon that company something very unique: his credibility.

In capital we trust. Capital is our savior, our holy grail, our fountain of youth, or at least health, for banks.

Choices of right or wrong are not presented to you in black and white. If they were, I'm sure most people would choose white.

Privatization of assets that most of us consider public goods - like airports and highways - has a long, often-uncontroversial history.

No city embraced privatization more eagerly than Chicago, where I live.

Capital isn't this pile of money sitting somewhere; it's an accounting construct.

Google worries - and rightly so - about how hard it is for a big company to come up with the next hot thing.

So Merrill Lynch has launched its first campaign in years to advertise the accomplishments of its investment banking business. The ads feature things like Merrill's recapitalization of Sierra Pacific. I guess including "helping Enron achieve its earnings goals in 1999" might be a little awkward given that Merrill Lynch bankers are currently on trial in Houston for that "accomplishment."

I think synergies are a lot like UFOs: Lots of people claim to have seen them, but few can actually prove they exist.

What's good for the financial industry probably isn't good for you.

Building a portfolio around index funds isnâ??t really settling for the average. Itâ??s just refusing to believe in magic.

... skepticism about past returns is crucial. The truth is, much as you may wish you could know which funds will be hot, you can't - and neither can the legions of advisers and publications that claim they can. That's why building a portfolio around index funds isn't really settling for average. It's just refusing to believe in magic.

The big banks advise cities about whether privatization is a wise choice. They also control the ability of states and cities to access the market for their financing needs.

Proponents of privatization argued that cities and states needed private capital to fund all the upgrades that our decaying infrastructure so desperately needed.

The last and most painful irony is that the two longtime rival armies in the securitization market - the investment banks and the GSEs - would end up magnifying each other's sins rather than keeping each other in check.