>>Stepping lightly over the sub-prime meltdown, he [Larry "I'm to Brilliant >>for Your Party" Summers] averred: “Most financial crises don’t seem to >>have their roots in financial innovations.”<<
Naturally enough, he ignores the role of financial deregulation, which he championed. A complete story would involve a dynamic interaction -- a dialectic, if you will -- between regulation and innovation. Jim Devine ----------- What a laugh. I just watched Inside Job yesterday. It's a wonder to me how these people get away with what they say. The movie is definitely worth watching, since most of it is on the web somewhere. The second to last section is on the corruption of the field of economics where there is the revolving door between star academics and star advisers, with Summers as one of the examples. CG _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
