Twenty-five years ago, a recently retired New York banker stopped by a cabin in New Hampshire for a chat with a few friends.
I was fortunate enough to have been present that day — as a relatively new reporter for a medium-sized newspaper in Massachusetts, I got a glimpse behind the scenes on Wall Street.
The news was grim. CitiBank and other major institutions had been bailed out over their loans to Latin America. Federal budget deficits were soaring out of control. Thanks to “stagflation” and energy shocks, there had been a lost decade for investors, the economy and workers.