Mark Thom opens the debate again. The issue is whether "regulators" could have regulated the "predictors" {credit derivatives]
This debate is about who is assigned the task of predicting the future some 30 years out.
Arnold Kling has an answer, to paraphrase, for the next 30 years we will have group of investors who think they are better predictors than the previous group.
You are stuck. As long as we demand 30 year predictions we will get dark matter.
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