From meltdown-inspired books to the Paulson plan and the
hedge fund "best practices" report, the debate begins.
By Michelle Celarier
With the financial industry still melting down, there is no
shortage of critics and reformers who believe their time has
come. Is it really the twilight of what George Soros calls
"free market fundamentalism?"
Soros is just the most prominent financier-cum-thinker to
come out recently with a book that traces the underpinnings of
the current financial crisis to decades of laissez-faire
economic policies, starting in earnest during the Reagan
administration. With the shackles off, the financial industry
took off like gangbusters and now accounts for between 20% and
30% of GDP - or at least it did until the credit crash.
Given the detritus around us, the critics have a compelling
argument. "Risk management shouldn't be left to the
participants," says Soros in The New Paradigm for Financial
Markets. Soros is...