I Think It's True That The 1

What We Need To Understand Is, One, That There Are Market Failures; And Two, That There Are Things Like Asset Bubbles And Irrational Exuberance. There Are Periods Of Booms, Bubbles, And Manias. These Things, If Left To Themselves, Can Lead To Crashes, To Busts, To Panics.

Edward Conard Provides A Provocative Interpretation Of The Causes Of The Global Financial Crisis And The Policies Needed To Return To Rapid Growth. Whether You Agree Or Not, This Analysis Is Well Worth Reading.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.

I Am Quite International. My Background, Born In Turkey. My Family Is A Jewish Family From Iran, So I Went From Turkey To Iran To Israel, And Then Grew Up In Italy And Ended Up In U.s. For Graduate School. So I Tend To Look At Things From An International Perspective, And I Think That Gives You A Little Bit Of A Broader View Of What's Going On.

I'm Not A Pessimist By Nature. I'm Not Someone Who Sees Things In A Bleak Way.