I feel frustrated that I kept screaming about how deeply flawed Sanusis banking reform was and even when the results were damning people kept applauding him. Its amazing how much capacity people have to ignore or rationalize the negative outcome of a process they believe in. 5 years later with no tangible improvement people still rationalize the failure of the banking reform. The biggest achievement of the reform was that the banks were going to fail unfortunately nothing put the banks at greater risk of failing than the reform itself. No bank was ever going to fail until it became a self fulfilling prophesy. Lord have mercy.
Posted on: Tue, 01 Apr 2014 21:27:49 +0000
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