Monday, June 20, 2011

There is an inherent conflict

Ask a lefty what caused the financial crisis, and the answer will be that there was too little regulation and too much reliance on market discipline, which did not work.

Ask a righty the same question, and the answer will be that there was too much confidence in regulation, so that market discipline was undermined (creditors assumed they had government protection).
That's Arnold Kling.  Photo link here.

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