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}A daily digest of opinions and analysisChina Did Stimulus the Wrong WayBeijing could have boosted infrastructure spending when the Great Recession hit. Instead, it embraced a dangerous expansion of its shadow banking system. Noah Smith explains why China's unorthodox response to the 2008 meltdown likely laid the ground for the next one.Meet the Man Who’s Going to Run Vanguard When Tim Buckley takes the reins at the world’s second-largest money manager next year, he’ll be the fourth person ever to hold that position. Barry Ritholtz picks the CEO-in-waiting’s brain about ETFs, active management, fintech, the investment outlook and the future of Vanguard. The Massachusetts Tax-Cut MiracleSlashing taxes backfired bigly in Kansas, but it seems to be working well in the Bay State, of all places. (Turns out, economics is really complicated!) Justin Fox makes sense of a tale of two states. The U.K. Should Be Wary of a Transatlantic Trade DealDonald Trump is touting a “very big & exciting” trade pact with the U.K., but Britons won’t get much out of it — except maybe chlorinated chicken. Leonid Bershidsky takes stock of the imbalance.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 ReadsWhy corrupt bankers avoid jail (New Yorker)Killing an emerging market canard (ETF.com)Short sellers give up as stocks run to new records (WSJ)(Read Barry Ritholtz’s full daily news roundup here.) Bloomberg GadflyCiti’s path to $100 a share won't be easyAT&T’s TV drain reveals its merger motiveZombie Trumpcare still threatens the health sector(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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