Mr. Krugman, your so right about the lack of confidence in the system. Yes, the big money people did burn up their money on bad securities now we all suffer from lack of financing. Why don't you go to Texas and interview foreclosure Phil Gramm and ask him why he instituted the Gramm-Bliley-Leach act and shoved the Commodities Futures modernization act thru congress. Both bills bore the titles that pointed to modernization of the system. They did nothing but put us back to the 1930s when things were rough. Not to worry, unless controls are reaffirmed in the Banking Industry and the Commodities market again, things will get worse.
While your there ask Wendy Gramm what part she played in the Enron loophole.