By Michelle Celarier
For decades, an unshakable belief in unfettered free markets
has held sway on Wall Street. The transfer of risk and risk
management courtesy of financial engineering helped foster an
almost mystical belief that government regulation was a
hindrance in the running of our financial system. Why bother
with loan loss reserves when you could just buy a credit
Now Washington seems to be the only thing that stands
between us and the abyss.
"We've never seen anything like this in our lifetimes" is
the common refrain. Hedge funds were among those...