The problem was "a lack of self-discipline", a heady pursuit of profit, bad regulation and a distorted understanding of risk.
Ending the Lords' very rarely used power to kill off bad regulation is an outrage.
He comes from an industry that is dull rather than entrepreneurial, though hopefully having seen the near bankruptcy of the electricity business in California ten years ago will make him a true believer in the campaign against bad regulation.
And the regulators keep trying to shift blame, as Fed Chairman Ben Bernanke did in a speech this weekend where he claimed bad regulation, not bad monetary policy, led to the housing bubble and economic collapse.
While there may not be a government-run plan, "there might be something just as bad — regulation and limits of profits," said Sheryl Skolnick, an analyst for Pali Capital in New York.
Rep. Robert Goodlatte (R-Va)., the lead sponsor of the bill, said no one wants to stop smart regulation, but that Congress should make it harder to pass bad regulation, which he argued already costs $1.86 trillion a year and weighs heavily on Americans.
"We don't need more new services, but a better focus on commercialisation," she says.For others bureaucracy, taxation and bad regulation are the obstacles.
He recently caused a stir by calling the inefficiencies of regulation "statistical murder", arguing that bad regulation absorbs money that could be better spent to save lives another way.Europe seems to be going the other way.
Bad regulation is the answer.
No, poor supervision or bad regulation is the problem.
