I think, &#x27;transparency&#x27; in this sense might be more akin to &#x27;predictability&#x27;. If you can count on the big players to act a certain way, even if that&#x27;s the most evil thing possible, you can make a decision with confidence. if they&#x27;re out there doing random stuff all the time, it&#x27;s really tough to say, &#x27;this is the right choice&#x27;.<p>I just finished Too Big to Fail by Sorkin. From that point of view, everyone was facing something that had never happened before, so it&#x27;s hard to be predictable in that case. One day, they push J.P. Morgan to buy Bear Sterns. One day they let Lehman Brothers die. One day they nationalize the banks. It was just all over the map. On the other hand, they were facing something new, never really thought about before. It&#x27;s hard to have policy for rare events, so they just kind of tried stuff and iterated on what worked.<p>It&#x27;s kind of a testament to the quality of the US market that you can say for sure, &#x27;i don&#x27;t want any of that&#x27;, because of a specific reason. That&#x27;s very different, and far more valuable than &#x27;i don&#x27;t want any of that because it&#x27;s incomprehensible&#x27;.