Tag: financial crisis
Prosecutors must uphold the law, not cut deals with the accused
The financial crisis left a few individuals responsible for it very rich while its consequences made millions not responsible for it much poorer. If this involves no crime, then we have failed to define or prosecute crime appropriately.
Sinister or silly, protest politicians are united in grievance
The inability of democratic politics to handle the aftermath of the 2008 financial crisis has threatened to undermine the apparent consensus on liberal democracy and lightly regulated capitalism that emerged following the fall of the Berlin Wall.
Fannie Mae is a needless and risky model for UK housing
Ambiguity is often attractive to politicians and costly to taxpayers.
Bungled bailout heralds shift in attitudes
The belief that the right response to the failures of Basel I and II is a more elaborate version of the same global regime is a triumph of hope over experience.
Leveson failed to learn from credit crisis
There are many similarities between this response to the press crisis of 2011 and the reactions to the financial crisis of 2008. In both cases the demand for better processes and new rules largely missed the point.
More or Less
On Friday 4th January John appeared as a guest on Radio 4's 'More or Less'. He discussed his recent Financial Times article, The Parable...
Take on Wall St titans if you want reform
Effective banking reform should aim at structures, not at intensified supervision. Resilient systems are simple ones.
The law that explains the folly of bank regulation
Goodhart suggested that any measure adopted as a target loses the information content that appeared to make it relevant. People change their behaviour to meet the target.
‘Not on my watch’: applies to banks and the navy
Casinos attract greedy people with deficient ethics: the fear this engenders frames regulation, the obligations we impose on executives and the culture we expect from operating companies. Perhaps banks should operate to standards as high as those of casinos.
Only market evangelists reconcile Jekyll with Hyde
No one should starve: that does not mean people should eat as much as possible. A country without a financial system would be – is – an impoverished place. It does not follow that the larger the financial system, the more prosperous the country.
