In other words, as John Kay, the Financial Times columnist, often says, crowd-pleasing is no substitute for wise judgement. “That’s why we prefer to entrust the navigation of a plane to a skilled pilot instead of using the average of the opinions of the passengers”, were his words of wisdom.
2  2  Edward Kane – “Loose Ends in Capital Regulation: Facing Up to the Regulatory Dialectic”, presentation at International Banking Conference Federal Reserve Bank of Chicago, November 11, 2011, Chicago.