Many compare this financial crisis to the stock market crash of 1929, but it is closer to the credit freeze and bank panic of 1907. We might have avoided the worst of the current troubles if we had not overturned laws adopted in response to earlier crises. We should have placed more value on the hard-earned lessons of the instability that comes from unregulated markets and gambling on securities prices.
许多人把这次金融危机与1929年的股市崩盘相比,但它更接近于1907年的信贷冻结和银行业恐慌。如果我们没有推翻为应对以前危机而通过的法律,那么我们或许本可躲过当前危机的最糟糕阶段。我们本应对那些来之不易的教训予以更大重视:是不受监管的市场和对证券价格的投机造成了不稳定。
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