nancylebov (nancylebov) wrote,

Punishment probably wouldn't work, either

As tempting as it is to punish the people who have caused the financial mess-- and it might do some good if it gets them out of their jobs-- it occurs to me that punishment only works on those who have a basic understanding of the situation.

And what we have is a financial industry where some large proportion of the decision-makers didn't know they needed to understand what they were doing. I think people can recover from that level of delusion, but most of them won't, and even those who do won't do it quickly.

I don't know if companies need to fail. I'm sure that individuals do, and damned if I know what path can be expected to lead to something more sensible.
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