Bill Dudley, President of the New York Fed made further remarks on the causes of the financial crisis that I thought are worth sharing. (click her for the full report) Thanks to Naked Capitalism for highlighting it. “One clear culprit was the failure of regulators and market participants alike to fully appreciate the strength of the amplifying mechanisms that were built into our financial system.” You can say that again. The reasons and learnings are pages long but what is really good is that there seems to be real learning happening that should result in some very positive changes in the industy. Much needed indeed.
Have a great day.