TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

Cowen writes:

The end result was that both markets and governments failed miserably — at the same time and on the same issues. With hindsight, it is easy to argue that regulation should have done more, but in most countries, governments were happy about rising real estate and asset prices and didn’t seek to slow down those basic trends. (You’ll note that greed doesn’t play an independent role in this explanation because greed, like gravity, is pretty much always there.)