A quick comment. From both the sociological and economic perspectives, a great piece. From a political perspective, I'm not sure that the appearance of a postponement in addressing the regulatory issues is an indication of intention not to do so. The old cliché applies: first put out the fire and then rearrange the furniture. If Geithner et al. can get modest amounts of lending started again for consumers and small businesses--without unduly "rewarding" those whose stupidity, greed, and/or malfeasance helped to create at least the scale of the problem with which we're all dealing--then that's a good Step #1. Step #2 would be to take the time to design a functional regulatory system for an electronic, global economy, and I think we would all agree that that's a complex problem best addressed when we are all a bit more calm? So let's cut the "Ice Man" a little slack and assume that intends to take this on at the right time.
San Rafael, CA
Feb 16 2009 - 1:49pm