Nov
1
“We call them maestro, and, you know, we make them sound larger than life. And, you know, and the fact is, they condoned policies that took us from one bubble to another. They failed to live up to their regulatory responsibility granted them by law. They concocted new theories to explain why these things could go on forever, and they harbored the belief, mistakenly in my view, that monetary policy is too big and blunt an instrument, and so you just bring it in to clean up the mess afterwards rather than prevent a mess ahead of time. Well, look at the mess we’re in right now. We need a different approach here. We really do.”
Stephen Roach, via Guest Post: The Empire Strikes Back « naked capitalism.
