The financial crisis underscored the failure of the American regulatory system to keep pace with these developments and revealed the need for two reform agendas. One must be aimed specifically at the problem of too-big-to-fail institutions.
What are the most important services it can offer to the public and society at large? I believe that there are two critical types of services that the public should expect from the business pages or programmes of the media. The first is to provide objective reporting of the basic facts about the economy and business; for example, what is the rate of inflation?