What regulation needs to look like

other than "big" I saw nothing about what changes should be made to regulations.

Indeed, no one at the table was willing to acknowledge how their way of doing business was responsible for the crisis. One of them even had the nerve to blame the government for allowing home values to go up.... while the "real estate problem" was the pin, asset inflation was just as bad, if not worse, on Wall Street, and at least you had something real in real estate, as opposed to the completely imaginary wealth of the derivatives market that was the creation of wall street and its ilk.

I agree about the need for minimal but effective regulation. However, even though in this crisis I favored a version of the Swedish Plan, partly because, based on the market's reaction to the Lehman decision, I believed that it is the best real option, I also believe that there was an implicit government guarantee to intervene in a crisis such as this which helped fuel the earlier investments and the actual expectations of what would happen in a crisis. I believe that such a , now explicit guarantee, needs to be examined. I'm wondering if you do as well.

I'm sorry about the four posts. My computer kept telling me to try again. I hope you can delete three of them. Sorry, Don

@DtlD: Done. Sorry about our irritating blogging platform.