Failure of Modesty...

works on so many levels
except the Right[*].

[(cont.) 8-16-10 Needless explanation?
It is the modesty of the administration which has failed us, and the immodesty of the Republicans or Market Capitalists that brought collapse.]

[*True: "You don’t want government to try to restore confidence." Yet the problem was in the repeal of Glass-Steagall and the following three rules makes sense:

1. Low debt
2. Eliminate derivatives, complex derivatives, keep the products that don’t require formulas...
3. Eliminate moral hazards...make sure they have no externalities

It would seem that this argues for a less modest role for society as "venture capitalists." And the hazard is not planning to change enough.]
[Note: low debt is no more linked to low taxes than GDP is to values. The formulas for derivatives are the problem not the formulas for economics.]