There is some good stuff in rdf's diary, like on institutional learning. It's good to think about that.

Free marketeers will reply that the institutional learning comes from businesses failing, others succeeding, ignoring that a systemic crisis which causes a severe downturn once every 30 years cannot exactly set any kind of incentives for the day to day business of a stock company.

We've had that discussion, I think.

The thing is that the institutional rules set down as a case of learning are also baggage and their dissolution is therefore lobbied. And the political system in the US is institutionally corrupt. New regulation will collapse again in this setting.

What we'd need is a fundamental change in thinking that emphasises long-term viability and resilience at least as much as efficiency.

rdf and I pretty much agree on that, I suppose.

And I don't know about glasses, but we really do need no driving lights.