David Cameron has called for a public inquiry into how financial regulators failed to spot the collapse of banks including Northern Rock and the risky lending practices that led to the current credit squeeze.
Er … and what took you so long? And wouldn't it be a good idea to find out what went wrong first, before you rush in with new legislation, trying to fix the problem?
That seems a simple progression: find out what went wrong and why; work out what is needed to remedy the problem; then implement the fix. Why does anyone think that doing it in the reverse order is going to make things any better?
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