Wednesday, July 7, 2010

Answer to the financial crisis is less regulation, an economist says

Forrest Capie, professor emeritus of economic history at the Cass Business School, said government officials and regulators dealing with the financial crisis should find inspiration from the 19th century. "The story I have to tell you is a story of caution, depression and the world of debt," Capie said. "Caution is the big lesson to be learnt from the financial crisis, and the other is there is nothing new." He said the answer to the crisis is not over-regulation but an appropriate, proportionate application of regulation. magazine

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