In my earlier post Creating the next crisis I critique the same white paper on solving the financial crisis as Arnold Kling critiques
On of his commentators has an excellent summary of this paper, and indeed every similar governmental and quasi governmental paper addressing every crisis:
- Politicians are of course entirely lily white and innocent, except that the other party allowed bad people in the private sector to do bad things.
- Some government agencies failed to do enough.
- Solving the problem requires more power to the government.
- Those government agencies that failed the worst, shall get the largest increase in money and power.