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Here's the perversity of Wall Street's psychology: The more Wall Street is convinced that Washington will act rationally and raise the debt ceiling, most likely at the 11th hour, the less pressure there will be on lawmakers to reach an agreement. That will make it more likely a deal isn't reached.

From Andrew Ross Sorkin

By now, it seems as if everyone has already read Thomas L. Friedman's 'The World Is Flat: A Brief History of the Twenty-First Century.' It changed the way we think about global business, competitiveness and the implication for far-flung economies, governments, education and more.

From Andrew Ross Sorkin

I started, actually, in journalism when I was - well. I started at the 'New York Times' when I was 18 years old, actually, but really got into journalism when I was 15 years old and had started a sports magazine which was trying to become a national sports magazine.

From Andrew Ross Sorkin

My training really was at the 'New York Times,' you know. When I got there, I was literally supposed to stay there for five weeks, and I got lucky like nobody, you know, like nobody's business.

From Andrew Ross Sorkin

When you can't lend or trade - and you can't invest with the leverage that juiced returns to support seven- and eight-figure bonuses - how exactly are you going to make money?

From Andrew Ross Sorkin

In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation - and ultimately, fewer talented people. It is likely to change the culture of an industry that for nearly a century has been the money center of the world.

From Andrew Ross Sorkin

Let's start with a basic question: Do we, as a country, want our most highly qualified employees from the private sector to pursue public service? The answer, I would imagine, should be yes.

From Andrew Ross Sorkin

TARP became so politicized that having money from it was almost like a scarlet letter. There were debates over compensation, worry that the rules were going to get changed. All the banks were desperately rushing to get that money back as soon as possible - in part, so they could pay themselves bonuses without any government restrictions.

From Andrew Ross Sorkin

There's something called, 'resolution authority,' which gives the government the power to takeover a failing bank - something they didn't have pre-Lehman Brothers.

From Andrew Ross Sorkin

The rating agencies historically actually did a pretty good job rating regular bonds.

From Andrew Ross Sorkin

Andrew Ross Sorkin

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