Financial reform a fiasco?
July 1, 2010 | federal legislation, industry, positive media coverage | Comments (0)This Stanford economics professor thinks so. From his Wall Street Journal piece:
Another false remedy is a new Bureau of Consumer Financial Protection housed at, and financed by, the Fed. The new bureau will write rules for every type of financial service, most of which (such as payday loans) have no conceivable connection with the crisis. Yet another false remedy is a new Office of Financial Research at the Treasury that will look into systemic risk. The unrealistic hope here is that it will somehow do a better job than the Fed, which already had that responsibility leading up to the crisis.
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