Subject: The next crisis will start in Silicon Valley
From: "Bloomberg View" <[email-masked]>
To: <[email-masked]>
Date: Tue, 19 Sep 2017 05:02:11 -0400 (EDT)

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}A daily digest of opinions and analysisTech Looks Like the Economy’s Weakest LinkForget Wall Street. Worry about fintech. That’s the grim advice from corporate law professor William Magnuson, who predicts the next American recession will look nothing like the last one. While the U.S. has made strides in addressing banks’ too-big-to-fail dilemma, he says, the fintech revolution has created an environment ripe for instability.What Last Week Tells Us About BitcoinSpeaking of hot fintech developments: Last week was an eventful one for bitcoin, with the cryptocurrency plummeting by about 40 percent before rising 25 percent from the lows. Mohamed A. El-Erian says the volatile stretch illustrates three points about bitcoin — it hasn’t won over skeptics, it’s vulnerable to governments, and it can get very, very unpredictable — that ought to give its biggest boosters pause. What Jamie Dimon Gets Wrong About Bitcoin and TulipsCount the JP Morgan CEO among the skeptics: Last week, Jamie Dimon called bitcoin a “fraud” that will be “worse than tulip bulbs.”  But an indignant Aaron Brown says his comments reveal ignorance about both cryptocurrency and 17th-century finance. Not Driving to Work Is the New High-End Job PerkThe more money you make, the more likely you are to take public transportation — or work from your bathrobe in a home office. Armed with new data from the Census, Justin Fox takes stock of the commuting patterns of the elite and merely well-to-do. Before it’s here, it’s on the Bloomberg Terminal. Find out how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.Ritholtz’s ReadsLow fees: Good for investors, bad for business (Barron’s)“We’ve been breached”: Inside the stunning Equifax hack (Wall Street Journal)Protecting Andy Warhol from flood, fire and quake (New York Times)(Read Barry Ritholtz’s full daily news roundup here.) Bloomberg GadflyTech IPOs are suffering from stupidity and greedChina's electric cars run on coal, but they're still cleanerBlame stubborn billionaires for the media-deal stalemate(Read more from BV’s sister site for fast business commentary.)Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022Web ● Facebook ● TwitterFeedback ● Unsubscribe

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