Comments by Harvard University's Kenneth Rogoff, co-author with Carmen Reinhart of This Time Is Different: Eight Centuries of Financial Folly. Excerpt from USA TODAY.
Q: How well does the legislation address the main causes of the crisis?
A: My gut instinct is that it's done with a very light touch, whatever the spin on it is, and it leaves a lot to the regulators to really turn the screws — and gives them the option to do it or not. Or, possibly turn the screws now, but then as things seem better 10 years from now, they may start relaxing again. Just as they did this time. The regulators had a lot of levers to control things, and they didn't exercise them. We don't really seem to be seeing fundamental reform. We really don't.
My point. The more things change the more they stay the same. The last word is that of the markets.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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