Change – Faster Than a Speeding Bullet, But For the Better?

The concept of change continues to gain currency in both politics and financial markets. In times of crisis, surely speed is of the essence. Crisis management by definition precludes well thought out solutions. For example, this was evident when the government changed its position about buying only mortgages and decided instead to cover the full gamut of toxic financial products or restricting short selling on a wholesale basis rather than focusing on what many perceive as the real issue, naked short selling. It becomes more of showing that something is being done, than finding the real long-term solution-like putting band-aids on a million cuts.

The announcement on Monday that the Federal Reserve agreed to allow Morgan Stanley and Goldman Sachs to convert to traditional bank holding companies, in

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