Jackie Danicki

Johnathan Pearce, on “the lie, put around by a lot of MSM commentators, that what we are seeing is the demise of unregulated, cowboy capitalism”:

Au contraire, what we have seen is the failure of a large body of rules, assembled over many years, to do what they were supposed to do. In fact […] these rules may have even worsened the crisis and encouraged financial players to take certain risks “off balance sheet” to avoid having to set aside capital. But you can bet that policymakers will not draw the conclusion that too much regulation might actually be part of the problem.

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