CCinOC: "More to Dave's point:The most popular error of our age is the belief that bureaucratic reforms will resolve deep moral and social problems.If only we tweak the incentives, nudge the right people in the right direction, provide adequate supervision, we can set things right — or so some people think.When it comes to the financial system at least, this is pure delusion. In the decades following the Great Depression, the policy responses to market upheaval — namely, more regulation — has been proven false. Yet each generation seems doomed to experience that for itself."How convenient that you ignore the abolition of Glass-Steagall (by the Gramm-Leach-Bliley Act in 1999) altogether in assigning blame. You also conveniently ignore the continued absence og significant banks runs since the l930s, even though they were regular recurrences since the 16th Centurty, through the Great Depression.Regards, JAFO
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