Former United States Federal Reserve Chairman Alan Greenspan and others have argued that if markets can’t recognize bubbles, neither can regulators. Even so, financial authorities must accept the assignment: while they are bound to be wrong, feedback from the markets will tell them whether they have done too much or too little.
改革监管法规应该遵循以下三个原则，首先，也是最重要的一点是，金融监管机构必须承担起责任，在市场繁荣的时候防止资产泡沫的出现。美联储前主席阿兰·格林斯潘等人认为，如果市场本身不能发现泡沫，那么监管者也不可能觉察到。即便如此，监管机构也必须承担此项任务：一旦他们采取什么行动，市场就会有相应的反馈，他们可以根据反馈作出相应的修正。