Quote of the Day, 3/31/09

"Even today, the European position is that we should clamp down on regulations, ignoring the fact that the crisis was due not to a lack of regulation but rather the failure of regulators to stand up to powerful banks."

-- Simon Johnson, former chief economist of the International Monetary Fund, professor at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He is also a co-founder of The Baseline Scenario.