President Obama and his advisers have missed the point: the system failed because of the lack of transparency, not because people took unwarranted risk.
The current financial crisis has been brought about by corporate greed and the insatiable quest these aloof corporate leaders have to service their already large egos.
The stimulus measures adopted in late 2008 and early 2009 are excessive and largely of the wrong kind. It would have been better to accelerate desirable structural changes, such as permanent tax reform, which improve incentives for individuals and businesses.
The sooner we have a fully functional liquid carbon market, the sooner we can create hedging and risk management products and make them available to industry to reduce the impact of operating in a carbon constrained world.
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