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September 24, 2008

A Brief Guide to Fixing Finance

My friend and colleague Bob Litan has out a thoughtful essay on fixing finance. Definitely worth a careful read.

My biggest disagreement with Bob's paper concern's the role of credit ratings agencies. As I have told him, they are largely unfixable. I have pointed out here a number of times that credit ratings agencies are a government oligopoly almost perfectly designed to be dangerous. The trick isn't to revise their mandate, it is to cut them loose entirely.

Anyway, more here.

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