Reflecting upon the financial crisis, I am struck by how popular discourse moves between the extremes of laissez-faire and government action. The basic point is that markets need rules. A lack of effective regulation has spawned four facilitators to financial scandal: dissemination of inaccurate information, abuse of regulatory gaps, exploitation of credulous consumers and the ability to use corporate size to privatize profits and socialize costs. Blocking them will be the key to avoiding future disasters.
Markets need viable rules
The National Law Journal
February 16, 2009
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