Dueling explanations for the financial crisis overlap, but lead to different ways of thinking about where to go from here.
For me the central point is that the system was set up to reward excessive risk because someone else (namely the taxpayers) were the ultimate providers of insurance against systemic risk.
For me it doesn't much matter how you regulate or what size you break companies up into, unless you change the fundamental dynamic that people can make high profits while risking someone else's money, the process will repeat, not because people are "bad" its just that people follow their economic interests.
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