Since its inception, this blog has consistently maintained that the idea that more legislation, more regulation, more governance and more controls could forestall another financial crisis was at best ridiculous—that strategy has already been tried and has failed too many times.
Well, it appears that at least US Treasury Secretary Geithner has seen the light on that subject. Speaking at an event in Oregon, Reuters reported Geithner as stating that:
“Most financial crises are caused by a mix of stupidity and greed and recklessness and risk-taking and hope,”…
In the article Geithner then goes on to say that: