4 The sellers of securitized instruments maintain that they bear no responsibility, and to demonstrate that there were no problems with their instruments they point to the fact that other operators were selling the same kinds of instruments.
These questions worry me because they suggest that, for some people, there are only the two polar positions, and that if you express some reservations about one, you are automatically placed in the other. For these reasons, I want to spend some time tonight trying to place the recent suggestions for improving the operation of the international financial system in some sort of perspective.