The End of Financial Triumphalism?
Despite the deepening crisis in capital markets, financial firms scream murder at proposals to update and strengthen regulation. But if we don't, we will be forever trapped in a system where taxpayers are forced to bail out banks in bad times, while wealthy shareholders reap huge profits in good times.
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CAMBRIDGE – Will today’s ever widening global financial crisis mark the end of the era of financial triumphalism? Ask a lay person to list the ten great innovations that drive our world today and you probably won’t find too many who mention the Black-Scholes formula for pricing options. But for the financial community, pioneering formulas that paved the way for modern hedging strategies should get just as much credit for the passing period of rapid global growth as cell phones, computers, and the Internet.