Indeed this was too short a program to deal with the issues when presented as two camps – regulation and non regulation. Indeed I think some of Wellings market forces points then became lost and subject to dismissal because of not falling in the regulation camp. Of course Wellings is wrong about prosecutions, there are current laws, and not obscure ones, that can immediately be applied to the Libor fraudsters, and yes he is wrong when he implies we don’t need external regulation (just market forces = internal regulation), but he is right in that market forces, should play a part in regulation. It’s a simple case of size matters, and there are two parts to external regulation, inter bank regulation and intra bank regulation. Wellings thinks of an eco-system of small banks, all which can fail, without disturbing the system, and in some ways they can be self regulating based on depositors trust…. However, even at that scale you would still need external regulation to stop deals over drinks between banks, and some external regulation on the internal workings to avoid robbing the bank by owning it. But Wellings is correct that internally the regulation could be lighter. However, Black is correct that you need that external regulation, no doubt about it, at all times, and once the banks grow to have possible huge systematic knockons – too big to fail, then you need as much external regulation as you can get, not just depositors are at risk, but all citizens. So really it's size and form of the banking sector that starts to drive the regulation argument, Indeed there seems to be a natural sustainable size to banking, a physical limit that we cannot go beyond without destroying it through external regulation, whilst at the other end another limit of destroying it with no external regulations. So as always balance is the answer, but what prevents a balance of external regulation and market forces – simply put large banking supports financial hegemony!

Why don't we get the full conversation?RT should allow these discussions to extend to at least an hour, which should be available online. You can air the cut version but let us sink our teeth into the full picture, otherwise it's a waste of time. What's the point...

William Black is both an outstanding author and courageous good guy. In time, more will be inspired to do the right thing and progress more efficiently with our socioeconomics and fair distribution of wealth. Mr. Black you are well respected among millions of readers and thank you for your diligence.