One of the beautiful things about markets is how they link people. But that also makes it tricky to figure out who causes the messes--like when assets turn out to be worth far less than advertised, credit markets seize up and panic ensues. Ideology colors any attempt to point fingers--Does regulation protect people or stifle innovation? Do companies manipulate consumers, or do individuals make decisions?--but that won't stop us from trying. There's plenty of blame to go around.
President Bush Belief in free markets is absolute in the Administration. Regulation of financial firms, a mishmash to begin with, was essentially hands...
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