On the Independent Institute

One of my favorite think tanks in the world is the Independent Institute www.independent.org.

Their web site, scholarly journal and work is of the highest quality and well worth keeping an eye on. Very much in line with a lot of TCC’s ideas, I saw this this yesterday:

Lost Trust: The Real Cause of the Financial Meltdown
By Bruce Yandle

Accounting standards, credit ratings, and credit-default swaps were created to help facilitate financial transactions by fostering trust. In the run-up to the credit-market freeze of 2008 those assurance mechanisms collapsed under the weight of political and regulatory pressures to aggressively expand homeownership and other policies.

Enjoy.