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have always done it this way. we are allies going to do it this way. let s try this other thing. maybe it s not working out so well and they will continue doing it basically forever. john: you have written up look about this called private governance. give an example of how that works. ed: well i like to highlight private people that i ve learned from failure. we have a great example of them being defrauded tile types of hackers around the world. rather than them sitting around saying well we don t know what to do, they have to learn from these problems so very quickly they implemented a fraud detection fraud elimination system. right now they have a very good way of reducing on line fraud to very close to zero. john: a program computers to search for certain patterns. ed: if their transactions happening in the middle of the night, it s like this computer is looking at things at all

John hayekEnron failureFed didn tOnline fraudFraud detection elimination systemProgram computers