Saturday, June 16, 2012

5 Myths

All 5 myths continue to be perpetrated by the right.  Mythology has become their stock in trade.  Reality doesn't seem to matter much to them at all.  We can't afford to have a country run by wild-eyed, true believers.  Future generations deserve better than that.  Read about something more workable than the Volcker Rule, the Hoenig Rule.
It's time -- after five years, it's well past time -- for us to stop pointing fingers at one another, and to fix the excesses that almost sank us. The market sure didn't work very well. The government regulation solutions, like the Volcker Rule and Dodd-Frank "resolution rules," aren't going to work very well. We need common sense, like the Hoenig Rule, and markets (as opposed to a zillion regulators) that can enforce discipline on institutions that will not be too big to be allowed to fail.

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