Today is the anniversary of the collapse of Lehman Brothers, the biggest bankruptcy ever. Some thoughts on the matter from Joseph Stiglitz:Barack Obama defended his administration's response to the financial crisis, but the reality is that a year on from Lehmans' collapse, it has failed to take adequate steps to restrict institutions' size, their risk-taking, and their interconnectedness. Indeed, it has allowed the big banks to become even bigger-just as it has failed to stem the flow of profligate executive bonuses.It looks like new regulation for Wall Street will be Obama's other big priority for this year, along with a health care system overhaul. A nice, short, two-item to-do list.
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