... system are not things that can be fixed by assuming that the current actions of the Federal Reserve are the best that is possible from the system as current designed, because then the structural reform proposals will omit the parts that can and in the past have worked quite well, where the problem is not structural at all but rather regulatory capture by the regulated industry.

Not only could we have better, but we could have better under the existing rules. Regulatory capture does not automatically or even necessarily require some systemic reform: it may, instead, require a movement committed to capturing the regulator back in the interest of the affected community rather than the regulated industry.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.