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Published in:
2011 | OriginalPaper | Chapter
Closing the Barn Door
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Every crisis brings with it the promise of change, including new rules and new discipline so that the lapses and losses won’t be replayed in the future. In other words, a bit of “barn-door closing.” And so it has been with this crisis – though, it must be said, with a bit more zeal, because this one has had some extra zeros in the red ink column. Not surprisingly, there is a populist element to the exercise: politicians and regulators need to be seen to be doing the “right thing” for their constituents so that they can get reelected or otherwise keep their jobs – though by now I’m sure that they don’t know exactly what the right thing is.