A Crisis of Authority
Pierre Lemieuxs Somebody in Charge: A Solution to Recessions?
By John P. Cochran
The roots of the recent financial crisis, according to economist Pierre Lemieux, lay not in greed and self-interest running amuck in unhampered markets, but in the policy and regulatory structure that created and enabled excessive leverage and risk taking. If Lemieuxs latest book were widely read, more people would believe that financial regulators and central banks are not needed to avoid financial crises and economic recessions.