A great article in the WSJ last week: Thomas, Hennessey and Holtz-Eakin: What Caused the Financial Crisis? It really captures a broader scope of the financial crisis and the multiple layers involved. They site 10 culminating actions that together created the fiasco we are still in the midst of today. Once again I stress the importance of foresight, versus hindsight. Ideally we can learn from this, but that does not necessarily involve more regulations or bureaucratic red tape! Sometimes we need to fail and accept the consequences, before we succeed.
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