But we still need to be rescued from the central bank's regulating follies

Sir though I agree completely with Martin Wolf in that "Central banks should not rescue fools from their folly", August 29, we should not forget that at least we need someone to rescue us from central bank's regulating follies. It was because the regulators appointed, certified and in some ways even forced the market to heed the opinions of some special inspectors, the credit rating agencies, which allowed for instance some worse-than-subprime very local mortgages to be classified as non-lemons, enabling them to go global and spread their rot.