By: es_de_bah
this post deserved a little more attention, and hypnotic chick's comment makes it indisputably worthwhile.
View ArticleBy: dongolier
like the original article, i agree that fixing the current mess is actually alot easier and straightforward than preventing a future one which is... well... depressing.
View ArticleBy: dongolier
londonmark: ...explain why nobody is holding banks to account... i think that was her "political economy reason" and "cultural reason". im not trained in economics either but it seemed obvious to me...
View ArticleBy: aeschenkarnos
oneswellfoopThe only problem with the Housing Bubble was that it involved something people really needed - homes. That's why they've gone back to bubbling ethereal entities like "social media". Would...
View ArticleBy: londonmark
Thanks Hypnotic Chick. Of course, I was on some level being rhetorical but your explanation of the failure did help explain a few things. Not why nobody is holding banks to account for their...
View ArticleBy: Hoopo
A better analogy describing the state we're in is the Cold War, which is to say that we live in an age when metaphorical nuclear war could destroy us all. So can we look forward to glastnost and...
View ArticleBy: fatbird
I hate analogies to the Maginot Line because they're rarely accurate as to the purpose and failure of the Maginot Line. A better analogy describing the state we're in is the Cold War, which is to say...
View ArticleBy: newdaddy
I don't have the link handy but the New Yorker recently ran a piece with a title something like 'Do We Need Banks' or similar, that I thought was depressing, and relevant.
View ArticleBy: oneswellfoop
Best act quickly before Golden [sic] Sacks finishes turning Facebook into an investor Farmville. It is so sadly obvious (to anyone but a 'professional economist') that they're inflating another Dot Com...
View ArticleBy: Hypnotic Chick
londonmark, Let me start by warning that I am not a banker or particularly educated in finance. But it seems to me that if you want to know why banks appear to have gotten away with fraud, it's because...
View ArticleBy: srboisvert
Best act quickly before Golden Sacks finishes turning Facebook into an investor Farmville.
View ArticleBy: seanmpuckett
What? WHAT? They put the wolves in charge of the hen-house and you have the giant hairy balls to ask, "how could we not have seen this coming?!" I have no time for your balls or your swimming-pool...
View ArticleBy: Xoebe
Not only were existing regulations stricken or under-enforced, regulators - at the behest of their masters and their ideology - failed to regulate new instruments and systems. Of course, that's exactly...
View ArticleBy: kliuless
gary gorton gets a mention, but i think he's worth reading more fully cuz it helpsto understandnewinstitutional evolution. also btw... -New Rules for the Global Economy -Back to the Sixties -Capitalism...
View ArticleBy: Benny Andajetz
Wow, what happened here? I mean, we really need to assess this situation and figure out what happened. Who could have possibly known that money + concentration of power = disaster? This is an entirely...
View ArticleBy: Pope Guilty
In other words, we tore down the dike and now we're drowning oh my god nobody could have predicted thiiiiiiiiiiiis
View ArticleBy: Mental Wimp
It seems to me that the very regulations meant to address the moral hazards were systematically weakened in the last three decades. It's not a failure of the 1930s model of economic control, it's a...
View ArticleBy: londonmark
Interesting article, I like the analogy with the Maginot line. I'm not academically invested in this debate though, I just want to know why banks appear, to the average consumer, to have gotten away...
View ArticleBy: Abiezer
I liked David Harvey's comment on blithe ignorance of risk:"When Her Majesty Queen Elizabeth II asked the economists at the London School of Economics in November 2008 how come they had not seen the...
View ArticlePaul Seabright on The Imaginot Line
Why we're still fighting yesterday's economic war Above all, like historians assessing the Maginot Line, we must avoid comforting ourselves with the judgment that the [financial] system's architects...
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