Face it, it was very much the bank regulators, those who still regulate, who designed capital requirements for banks that required a 12.5 to one leverage when lending to small businesses and entrepreneurs, those on whom we depend so much on for jobs, but cannot afford being rated by the raters; but allowed a 62.5 to one leverage, five times higher, when banks were stocking on public debts like Greece’s, just because some human fallible credit rating agencies rated Greece as good. If this is not pure crazy what is? With respect to the bubbles I will repeat it over and over again, in order to really measure what has happened we need to evaluate the whole cycle…and not get only get fixated with the crisis… there are bubbles that leave a lot of good in their wakes and there are others that do not. Though a bad and unproductive bubble is clearly not something to welcome... it is better to have bubbles than no bubbles at all. Where would the world be without bubbles?