[Who murdered the financial system?
22 Oct, 2008, 1511 hrs IST, Swaminathan S Anklesaria Aiyar, ET Bureau
Leftists claim that the global financial crisis was caused by reckless deregulation and greed. Rightists blame half-baked financial regulations and perverse incentives. Actually, the financial sector is deeply regulated, with major roles for both the state and markets. It was not one or the other that failed but the combination. The best metaphor for the mess comes from Jack and Suzy Welch, who recall Agatha Christie’s Murder on the Orient Express. In this novel, 12 people are suspects in a murder. And 12 turn out to be guilty. What starts as a whodunit concludes as an everybody-dun-it.]
It is not a question of one apologizes or another softens. It is certainly, as someone remarked, "shocking and deeply disillusioning to find such an antagonistic attitude among those who purport to be followers of Sri Aurobindo and the Mother." Why some are so willing to use extreme kind of language where much saner persuasion would do are some phenomena that need to be probed. [TNM]