The closing window of opportunity

One of the reasons that I was drawn to blogging at this time and in this place was that I continue to be concerned that once the worst of the credit crisis has passed it will be back to business as usual in the financial system. Those inside the bubble of the system telling themselves that they were not to blame, that markets always work and even if they are not ideologically committed to these positions that they can make money again in the same ways. 

Depressingly, Krugman's opinion piece today in the NYT is pretty much pointing in this direction. Discussing these worries he quotes a presentation by H. Rodgin Cohen (leading banker, considered for deputy treasury secretary) where he is reported to have said "I am far from convinced that there was something inherently wrong with the system." I have to agree with Krugman that these are the most worrying words. If the serious insiders are blind to what has occurred and seem to be ready to return to the way we were then there is little to no hope for real reform.

It seems as if the window of opportunity has become something of a sliver. 

Finbarr