Killed By Complexity
Brian Kelly,
Sept 17, 2008
Brian Kelly writes. "'If this is the death of Wall Street as we know it, the tombstone will read: killed by complexity' it was suggested on the front page of the Guardian." I don't think it was complexity. I think it was greed. The problem wasn't that the markets were too complex to regulate, it's that they were largely unregulated. You can't leave essential public infrastructure in the hands of private enterprise; they will loot it, knowing the government cannot afford to let it fail. The same logic that governs the collapse and $85 billion bailout of AIG applies to schools. If you eliminate the public interest in the infrastructure, then you have no way to protect the public interest.
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