Just a quick observation

Recently I read Too Big Too Fail about the start of the current financial crisis, and I just finished The Big Short and have started Liar’s Poker.  I have also read a ton of articles in various magazines on this subject.  One thing jumps out repeatedly.  How egotistic and childish most of the characters involved are.  It is just stunning.  What is even more stunning is how many people just want to return to the status quo ante.

Here is the way I look at it.  I believe in the free market and “the invisible hand”, but I understand the absolutely free market only works when there is an absolutely level playing field.  Total transparency.  So, like Hayek I accept that there will always be some regulation.  The trick is to get the balance right.  That is what we need to be working on.