Sub-prime not a failure of ‘globalization’

I noted my disagreement with Dani Rodrik's view that the 'sub-prime' loans crisis signalled a failure of international coordination in financial market regulation. Here's an historian of the Federal Reserve who more accurately identifies the origins of the crisis.

"So what can taxpayers expect from an increase in the Fed's discretionary authority over investment banks? The likely answer is rescues, delays and lax supervision – followed by taxpayer-financed bailouts."  extract from: Allan Meltzer in the WSJ

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