We agree with George Soros..

A clip from George Soros for a Bloomberg interview in which he argues that the financial crisis happened because the financial system was based on the false assumption that financial markets do not need regulation and financial institutions can be left to their own devices. (or something to that effect).

Indeed! It’s what we argued a year ago. And read this excellent article by the former chief economist of the IMF, Simon Johnson, for the details about how we ever let it get out of hand..