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"Something must be done. This is something. Therefore we must do it"
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« Morgan Stanley under the radarInterview with Jim Rogers in India's The Economic Times »

"Something must be done. This is something. Therefore we must do it"

05/09/10


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"Something must be done. This is something. Therefore we must do it"

Permalink 07:48:42 pm, by editor of MarketObservation.com Email , 115 words   English (US)

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Categories: Regulation

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Niall Ferguson on the new book by Richard Posner, The Crisis of Capitalist Democracy:

NYT: Uncertainty vs. Risk, by Niall Ferguson, April 29, 2010

I like particularly this part of the article:

"Both these measures recall the old British sitcom “Yes Minister,” in which all crises elicited the following response from the clueless politician Jim Hacker: “Something must be done. This is something. Therefore we must do it.” As Richard A. Posner argues in “The Crisis of Capitalist Democracy,” Congress is rushing to devise remedies for a crisis we have not yet properly understood. Indeed, the House bill explicitly commissions studies of the causes of the crisis while at the same time legislating to prevent its recurrence."


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