Overreliance on markets and models led the SEC and its sidekick FASB to put into place the highly procyclical and ultimately very destructive market-to-market accounting system, despite strong warnings from the secretary of the Treasury, the chairman of the Fed and the chairman of FDIC that it would create greater volatility in banking and lead to severe credit crunches.

FORBES

Earlier this month, an independent report commissioned by the Environment Agency found most of the victims received no warnings from the agency, and the whole warning system was highly confused.

BBC: News | UK Politics | No public inquiry into floods

There have been warnings that students from poorer families are more debt averse and this could have the appeal of a simple system, with no debts attached.

BBC: 'No fee degrees' university plan