Here is Jim Lehrer News' Paul Solmin's interview with MIT Prof. Andrew Lo.
Lo suggests that an investigation by an "independent panel" into the recent financial crisis can uncover the culprits. He likens the crisis to an airplane crash and mentions that a 747 is pretty complex; if we can learn the one, we can learn the other. Huh?
And who would form the "independent panel"? Who would be appointed?
Absent any panel, some very smart people are working very hard to unscramble the eggs re the Great Recession -- as well as the Great Depression.
Some years ago, friends and I were working in Mexico. We befriended a young man who told us he was a federal "secret agent." We did ask about his current case and he mentioned that he was investigating the high price of sugar. We wished him well and told him that we hope he finds the bad guys.
Crazy story, but what to do with Prof. Lo's proposal?