Authors:
José Alberto López Rafaschieri and Luis Alberto López Rafaschieri
www.morochos.net
During March 2009, we made the following question to the visitors of our Spanish website Morochos.org:
What is the moral of the global financial crisis of 2008-2009?
We gave two options:
1) Capitalism has failed
2) Banks need better regulation
The results were:
- 59% voted for the second option -better regulations-
- And 41% chose the first one.
Observations:
Most of those who participated in the survey believe that this financial crisis has taught us that private banks need better regulations. Which is exactly consistent with the conclusions of the G-20's latest meeting and with the IMF's recommendations.
We must recall that one of the causes of the current financial crisis was the excessive debt of individuals and banks. In addition, due to the bankruptcy of some financial institutions, the public showed great concern for the safety of their savings.
Consequently, over-indebtedness and savers' protection should be among the matters to be better regulated.
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Related articles:
- The 2008 U.S. financial crisis: Origin & ideological implications
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