At NakedCapitalism’s thread on greed, Haigh says:
Blaming a financial crisis on greed is like blaming gravity for a plane crash. To prevent plane crashes engineers do not work on repealing gravity. Likewise, to minimize financial crackups market systems must strive through trial and error to build a better air-frame. Government systems, central banks and their ecosystems, including purchased politicians, have proven themselves unfit for the task.
yes, societies need a legal process to restrain predatory behavior that’s flexible enough to shift as the vultures do their inevitable best to work around those limitations.
Such a system requires loyal career government professionals for bureaucracies that can grow in expertise and size with budgets commiserate with changes in technology, societal growth and innovation. The opposite has occurred.
The Bush administration greatly accelerated the destruction of key bureaucracies, replacing loyal career professionals with cronies loyal to Bush and undermining and underfunding as much of the regulatory apparatus and the people’s safety net as possible, not only during the administration but far beyond.
They are traitors.