In crisis conditions many standard results no longer apply, established asset pricing relationships break down, and the transmission mechanism of monetary policy becomes problematic. Let me mention a few elements that in my view have become particularly important, and relate them to economic thinking.
After all, investors are required to sign a form that tells their broker about their risk tolerance before they buy a stock. Surely then, the company issuing that stock should be able to give those investors some honest disclosure of their assessment of the risks involved in that investment. The fallout from Enron has prompted debate about the need for tougher financial market rules.