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Finally The Farce That Is Fin Reg Reform Passes ...
- hga 16y agoStrikes me as garbage: A) As far as I could tell the financial instruments and entities (e.g. hedge funds) that he's got such a hate for were not what caused the recent crisis. B) He seems to have forgotten or never learned about how the politically motivated ban on banks holding junk bonds needlessly trashed that market (for a while) and a bunch of banks, making the recovery from the S&L crash that much more difficult. Forcing banks to sell a lot of politically disfavored assets right now would probably be nothing short of disastrous. C) Unless I read it incorrectly (very possible) there's a lot more focus on banks making profits (can't have that, now, can we? Even when they desperately need to recapitalize) instead of whatever risks they might be taking by holding these assets or engaging in these businesses. Bottom line: revenge makes poor economic policy.