This spat will never end.
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10 May 10
Giorgio BertiniWell, in a way the sheer scale of the crisis — the way it affected much, though not all, of the world — is helpful, for research if nothing else. We can look at countries that avoided the worst, like Canada, and ask what they did right — such as limiting
Democratic Party Dublin (Ireland) Ireland Regulation and Deregulation of Industry Republican Subprime Mortgage Crisis United States Economy learning change
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25 Mar 10
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12 Mar 10
Kore7So what can we learn from the way Ireland had a U.S.-type financial crisis with very different institutions? Mainly, that we have to focus as much on the regulators as on the regulations. By all means, let’s limit both leverage and the use of securitizati
regulation usa ireland economics crisis banking finance politics krugman government policy bubble moral_hazard risk greed imported
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09 Mar 10
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We can look at countries that avoided the worst, like Canada, and ask what they did right — such as limiting leverage, protecting consumers and, above all, avoiding getting caught up in an ideology that denies any need for regulation
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there was no Community Reinvestment Act, no Fannie Mae or Freddie Ma
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Second, there was a huge inflow of cheap money
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r.
Third, key players had an incentive to take big risks
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“regulatory imprudence”: the people charged with keeping banks safe didn’t do their jobs.
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we have to focus as much on the regulators as on the regulations
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such measures won’t matter unless they’re enforced by people who see it as their duty to say no to powerful bankers
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That’s why we need an independent agency protecting financial consumers — again, something Canada did right
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Cameron Youngcase for a regulatory agency - canada had it right, ireland and us had it wrong
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08 Mar 10
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Jose RamirezWhat really mattered was free-market fundamentalism. This is what led Ronald Reagan to declare that deregulation would solve the problems of thrift institutions — the actual result was huge losses, followed by a gigantic taxpayer bailout — and Alan Greens
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neil vanceThe financial crisis in Ireland offers clues about our own, and about how to prevent another one.
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Saul ZacksonThe financial crisis in Ireland offers clues about our own, and about how to prevent another one.
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Charlie MaddausThe financial crisis in Ireland offers clues about our own, and about how to prevent another one.
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So what can we learn from the way Ireland had a U.S.-type financial crisis with very different institutions? Mainly, that we have to focus as much on the regulators as on the regulations. By all means, let’s limit both leverage and the use of securitization — which were part of what Canada did right. But such measures won’t matter unless they’re enforced by people who see it as their duty to say no to powerful bankers.
That’s why we need an independent agency protecting financial consumers — again, something Canada did right — rather than leaving the job to agencies that have other priorities. And beyond that, we need a sea change in attitudes, a recognition that letting bankers do what they want is a recipe for disaster. If that doesn’t happen, we will have failed to learn from recent history — and we’ll be doomed to repeat it.
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Add Sticky NoteWhat really mattered was free-market fundamentalism. This is what led Ronald Reagan to declare that deregulation would solve the problems of thrift institutions — the actual result was huge losses, followed by a gigantic taxpayer bailout — and Alan Greenspan to insist that the proliferation of derivatives had actually strengthened the financial system. It was largely thanks to this ideology that regulators ignored the mounting risks.
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C Hayes, are you saying there's a third way?
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