Now that the subprime market is imploding, it seems that better regulation a few years ago would have saved us. Even market stalwarts such as Larry Summers concede that the market didn’t provide enough discipline to prevent lenders from pushing lousing loans. But the no-regulation crowd isn’t giving up. Summers, for example, says that the answer to the current crisis is not to regulate because that’s just the generals fighting the last war.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250517