Greece's European neighbors were able step in and bolster the weak foundation on which Greece's free-spending budget was based. It would be difficult for any country or intergovernmental organization to rescue an economy the size of the U.S. if investors were ever to lose faith in our bonds because of our enormous debt.

There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper which allows them to go ahead and buy unregulated products at their own risk.

Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.