Minsky on Financial Innovation and Instability

The more appropriate title for this paper might well be, "Minsky's Stream of Consciousness on August 6." The paper touches on so many issues that it is not difficult to find some topics on which my judgments and Minsky's coincide and some on which they differ. This is an obvious advantage for a discussant who wishes to pick and choose, mixing a polite comment here with a slight growl there. The problem is that Minsky»s ideas are presented in such a sketchy fashion that it is often difficult to be certain what he is trying to say.