Every time we see a systemic failure such as the 2008 collapse of Lehman Bros and subsequent market panic, the inevitable question is "what is the government going to do about it?" Just as inevitably, the answer is that the government will pass more legislation, or even give more power to the very regulators who failed so signally to stop the crisis from occurring in the first place. The assumption is that the regulators are the defenders of the public interest and that they only need more money and authority to properly fulfill their mandate. Quite the contrary. The pattern that has emerged over decades of experience is by now undeniable: the regulators that are designed to oversee the system are not just inept, but actually complicit in the creation of the crises themselves, safe in the knowledge that no matter how spectacularly they fail their budgets will continue to increase and their leaders will continue to be praised as defenders of the public interest. youtube/watch?v=2IzB0o3RJTs&feature=em-uploademail
Posted on: Wed, 10 Jul 2013 11:48:31 +0000
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