I have blogger's block today. It's like being at a nice restaurant, yet nothing on the menu looks appealing. With time, I'm guessing I'll get hungry again and it will work itself out, but while I continue to try to find something to talk about let me turn things over to you.
I have wondered for awhile now if one of the problems facing policymakers and regulators who are trying to make the financial sector less likely to suffer a major breakdown is that we haven't converged on a reason why the financial crisis occurred. Was it the Fed's interest rate policy, the ratings agencies, the false promise of financial engineering, the way executives are paid, the bad incentives associated with too-big-to-fail bsnks, banks and mortgage brokers with "no skin in the game," a savings glut and a dearth of productive investment, inequality, poor regulation and captured regulators, a change in attitude toward credit, a perfect wave where a variety of factors come together, etc., etc., etc.? So I'm curious how much agreement/disagreement there will be in the answer to this question:
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