Global financial crisis. Has anything changed?

What has changed? It's a good question. Are the institutions and lax regulatory systems still the same or not? Policy entreprenuers do differ on whether the system needed changing with even outrageous comments by people such as Larry Summers alluding that it is one of those 'business cycle moments' which will eventually pass. How can that be given the extant of the damage this crisis has caused to ordinary people's incomes and savings who had nothing to do with causing the crisis at the same time. If surely everyone has to accept that these miserable events should come once in a while then there will be something wrong with (there surely is) the way in which Western economic and financial policy is set. The lasseiz-fare of doing things should be a thing of the past. Is there a better way of doing things? Yes there is. If only humans create systems which treat other people as humans, then sustainable growth is a reality.

In future posts I will analyze the steps taken (or not taken) to prevent a future credit crunch which caused the greatest global recession of our time. I will look into the institutional reforms taken to regulate prudential and conduct behaviour, market reforms and most importantly politico-economic reality check as a result of the crisis.