PROCESS VS. PRODUCT: Not the Time to Hamper Entrepreneurs - WSJ.com
Spending time in Europe, one clearly sees the excesses of socialist preferences for process (to protect) vs. product (to grow).
Basel II basically said if you don't want to think, you don't have to. Just keep ... of AAA paper.
Well, we learned 'AAA' wasn't always AAA, nor would it remain so; but, again, those at S&P were also more process-oriented and the right 'i's' were doted and 't's' crossed.
Thursday, October 28, 2010
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