The Limits of Regulatory Zeal

摘要

The wretched bankers shouldn't get all the blame for the credit crisis. When left to their own devices, the inmates of the financial zoo are bound to run amok. Equal culpability lies with the zookeepers -the central bankers and regulators-who, instead of guarding their charges, left the gates of Wall Street wide open. Now policymakers want more-robust cages overseen by a "macroprudential regulator." Yet it's only a matter of time before clever money monkeys discover how to pick the locks and wreak havoc again.