Quis custodiet ipsos custodes?
It is enough to say that for 6 of the last 13 years, the Secretary of Treasury was a Goldman Sachs alumnus. But, as financial experts, this silence is also our responsibility. Just as it is difficult to find a doctor willing to testify against another doctor in a malpractice suit, no matter how egregious the case, finance experts in both political parties are too friendly to the industry they study and work in.
This is from the the truly excellent 2-page essay by Luigi Zingales on why the Paulson plan sucks. He is right: no matter how easily you can switch your hats around, you may find it difficult to be harsh to the people and companies you spent your career with. Did Margaret Thatcher hail from a long line of coal-miners?
