Cut to the chase on regulation

SUSIE GHARIB, PBS: If you could pin it down to one thing, what would you say is the lessons learned from this crisis?

NOURIEL ROUBINI, NYU: The crucial lesson learned from this crisis is that you need financial regulation and supervision of the financial system, because self regulation is no regulation. And in a situation of irrational exuberance, then market discipline does not occur.

As recounted at RGE, 10/29/08