Paul Krugman agrees that when Jamie Dimon says he just wants to be loved respected, that we should take him at his word

This seems completely right to me. When you make a billion dollars a year, you can buy anything you want — which means that goods and services yield almost no marginal utility. What you crave, then, is what money can’t buy: respect.

Actually, I’ve seen this in action at meetings where financial big wheels and professors mingle. You’d think that the people with the big bucks would be confident; on the contrary, they’re insecure, because they want respect for their minds

The thing is hugs are cheap. Bad policy is expensive. Somebody give those boys some hugs. I don’t know why there is not a Hedge Fund Manager and Financial Executive Hugging Task Force.