Learning from Mistakes? Wow.

As a general rule, I will always believe there should be more regulation on things having to do with money. That's a general position, you understand, based on very little actual understanding of how money things work.

I just tend to assume that the people making the rules are good friends with the people who will have to follow them, so the likelihood that they'll be very onerous is slim. So, no, I never buy those arguments that free-market fundamentalists make implying that if you make it too complicated, capitalists will just give up and go do something else. Yeah, right.

I can understand how someone would be hesitant to allow me to make the decisions about how our banking system is regulated though, given how little actual knowledge I have about it. But what about people whose lives were immersed in it who have learned from their mistakes?

That's right, there are apparently some people - "the elders of Wall Street" the New York Times calls them - who are publically admitting they have learned from mistakes. Shocking, I know, but also the kind of person it makes sense to me to listen to.

And these "elders" evidently think that what Wall Street needs is more regulation. So you don't have to take my word for it; ask someone who would actually know. They want stronger rules than even the administration is proposing. Whatever is the world coming to?