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New Directions in Financial Services Regulation$
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Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

Print publication date: 2011

Print ISBN-13: 9780262015615

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015615.001.0001

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Comments by Richard J. Zeckhauser

Comments by Richard J. Zeckhauser

Chapter:
(p.47) Comments by Richard J. Zeckhauser
Source:
New Directions in Financial Services Regulation
Author(s):

Roger B. Porter

Robert R. Glauber

Thomas J. Healey

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262015615.003.0004

This chapter provides a commentary on the two previous chapters that discuss the causes of the 2008 financial crisis. The chapter first notes how both of the previous chapters take on the view of “the government did it,” and then denounces the method through which both chapters seek to find the underlying cause and find the guilty party. This chapter, then, suggests a third path to go down: that both parties (the markets and the government) were highly responsible, and did not necessarily intend for the outcome to be as such. The blame, then, is placed elsewhere: on a broad range of private players and public regulators in the financial sector. The chapter argues that regulation alone cannot be the complete and most effective approach to proper risk control. The solution, then, is to consider regulation in a new light. The focus, as this chapter suggests and expounds upon, should be on information.

Keywords:   risk control, 2008 financial crisis, private players, public regulators, regulation

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