Lord Turner on the financial crisis

Adair Turner of the UK Financial Services Authority gave a very good speech on the causes and implications of the financial crisis yesterday in Washington. The event was hosted by National Journal and the Economic Club of America. Video here for National Journal subscribers. Transcript here.

The speech drew on a new FSA discussion paper, prepared for a conference in London on Monday: well worth reading. I think I have already recommended this earlier discussion paper, which I still think gives one of the best overviews of the entire shambles.