so you think it’s the people not the regulations they put into place? the quiet period post Great Depression, that would have happened anyway, without Glass Steagall, the Securities and Securities Exchange Acts? 1/

i’ll take the other side of that bet. regulation is how institutions and leaders prevent the catastrophes they experienced. there is no ethereal transmission mechanism by which scars become wisdom. recall that the people who lived through WWI and became desperately pacifist superintended WWII. /fin