The Uneven Contest

摘要

Finance is the machine that governs the economy, but it is unstable and dangerous. The managers of banks and other financial outfits cannot be trusted to counter the euphoria of investors, yet governments feel compelled to throw money at a bust. The case for regulation, in a nutshell, is that financiers make mistakes and everyone else has to pay for them.rnRegulators start with some obvious advantages: the resources of the state, the backing of the law, access to confidential information and, for the time being at any rate, a supersized helping of moral authority. The last of those is temporarily convertible into budgets and reform. If regulators feel they need new powers, there could be no better time to secure them.