There is an emerging consensus that the present crippling world depression was brought on by a combination of bad policies in both the private and public sectors. Those in charge at the time and in the lead-up to the disaster have to take their share of responsibility, whether they were in charge of banks, central banks or regulatory agencies. If this is the case, all concerned should feel and demonstrate a much greater degree of humility and indeed shame than they have shown so far.
One may ask
- Is this the beginning of a new era of credit risk management technology?
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