What the system needs, first and foremost, is confidence. Without legal accountability for those who made fraudulent profits, confidence cannot return. I am against witch-hunts, as they serve no uesful purpose, but we are supposedly a nation of laws, and it seems probable that securities laws were broken on a large scale in mortgage origination and CDO/MBS packaging and rating. Our legal system is the foundation of confidence in the markets, and its uniform, impartial application is essential to restoring confidence.
The End of Money [View article]