Talking Business - On Financial Crisis, Hearings That Aren’t Just Theater - NYTimes.com

(c) 2010 F. Bruce Abel

Joe Nocera, whom I am sometimes critical of,  does a good job here, waiting a couple of days to get it right, reporting regarding the Financial Crisis Inquiry Commission hearings of this week.

Talking Business - On Financial Crisis, Hearings That Aren’t Just Theater - NYTimes.com: "He added: “I have been taken aback at the extent to which our financial markets, in addition to their traditional role, became betting parlors. I have also been struck by the way we built up a shadow banking system that was subject to enormous runs. And by the absolute failure of the regulatory mechanism. And how, with so many of our witnesses, when it comes to assessing responsibility, all fingers point away from themselves. And the way we forgot some fundamental lessons about balance between private enterprise and public good.”"