As compared to all those countries where wise regulators ensured wise bankers.
There are countries that did much better—Canada, for instance, avoided a banking crisis. There are also countries that seem to have handled it better, such as the Baltic states.
Just to be clear: I’m not saying necessarily that I know what the optimal thing to do was, in 2007-2009. What I’m arguing is that it’s often unclear for a long time how well a given country’s policies have worked, since negative consequences don’t always become visible quickly.
As compared to all those countries where wise regulators ensured wise bankers.
There are countries that did much better—Canada, for instance, avoided a banking crisis. There are also countries that seem to have handled it better, such as the Baltic states.
Just to be clear: I’m not saying necessarily that I know what the optimal thing to do was, in 2007-2009. What I’m arguing is that it’s often unclear for a long time how well a given country’s policies have worked, since negative consequences don’t always become visible quickly.