Unstable financial system?

Late October is famously a time when thoughts turn to foreboding economic developments.

A blogger, yet another lawyer – and anonymous for what appear to be good reasons – lists a few recent new items like he’s writing up a bill of particulars.  All well and good.

There’s the longer view, too.  Doesn’t it seem like the “crises” are coming faster and more furious?  Thinking back to the Savings and Loans “crisis” of the 1980’s; Asian currency crisis and Long Term Capital Management debacle of the late 1990’s; The stock market crash of 2000 a/k/a “dot com bubble”;  the ensuing real estate bubble which burst in 2007; and then of course the ongoing crisis since the Bear Sterns collapse of March of 2008.

The last two are obviously related except to the financially obtuse.  As for the rest, there are arguments.  The truth is, these phenomena take place over such long expanses of time relative to the day-to-day economic decision everyone must engage in that the arguments seem academic.

Personally, I don’t think of these issues as purely academic.  I also don’t think they are purely economic.  The law lies at the bottom of economics.  Increasingly, other lawyers are noticing.

Is the prospect of the failure of the economic system related to the conduct of the legal profession?

For lawyers that is very, very far from an academic question.  Or at least it should be.



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