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Old 10-11-2011, 02:08 PM
Abdicate Abdicate is offline
Join Date: Dec 2007
Location: Eden Prairie, Minnesota
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Default Re: Values Added: Fiddlesticks! (Sarah Posner & David Weigel)

What caused the financial implosion of 2008? I thought that regulatory capture was fundamental. So financiers manipulated the regulatory agencies which should have been bubble-popping, and private risk was legally shifted onto ill-informed taxpayers.

Amy Wax speaks often of a generalizable analogy--of a person physically injured in an attack. While a decent societal response should involve the punishment of the attackers and the transfer of their assets, if any, to the victim, the ultimate success of the recovery depends greatly on the victim's attitude/effort/strategy for recovery. The OWS temptation--to dwell on the punishment of the financiers--feels like it addresses our present woes, but in fact it is an abdication.

Last edited by Abdicate; 10-11-2011 at 02:09 PM.. Reason: link addition
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