Bankers Running Rings Around Regulators

Ho hum. Regulators of any industry can never fully understand the industry they are regulating unless it was in a state of stasis or stagnation.

“We didn’t understand how risk was spread across the system, we didn’t understand the entanglements of different institutions with the other and we didn’t understand even though we talked about it just how global things were, including a shadow banking system as well as a banking system,” said Brown in a speech in New Hampshire in the United States.

“That was our mistake, but I’m afraid it was a mistake made by just about everybody who was in the regulatory business,” he said.

Here. It’s about time a politicians admitted the futility of their jobs.  Technocracy failed again and technocrats blame those being regulated rather than themselves.  Their job is impossible.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s