Robert J. Schiller1 writes that we need to restore the "animal spirits" of capitalism by retoring trust in the system but I am skeptical. In the Dot-Com bubble, we learned that stock analysts can't be trusted. In the Enron scandal, we learned that the accountants can't be trusted. The Big ShitPile has shown us that the ratings companies can't be trusted.
Isn't time we overhauled the entire system?
1JANUARY 27, 2009
Animal Spirits Depend on Trust
The proposed stimulus isn't big enough to restore confidence.
Wall Street Journal
Wednesday, January 28, 2009
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