Too Bad to Forget

If it has proved difficult for the federal government to deal with the long-term effects of the financial crisis, it is proving no less difficult for it to deal with the causes of the crisis.

The regulatory problems that led to the collapse of credit markets, though not particularly mysterious, are complicated, and solving them will be complicated too. Predictably, the financial industry is fiercely opposed to any measure that might limit its profits. In the first half of 2009, it...

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