The big unknowns
April 26, 2010 | federal legislation, industry | Comments (0)From economics columnist Robert Samuelson:
By its nature, a panic is unanticipated. Reform may resemble generals fighting the last war. Suppose the next financial crisis originates in runaway federal debt, which undermines confidence in the vast market for Treasury securities. Interest rates and currency values would react violently; the ripple effects would spread globally. The irony would be clear: While preaching financial reform, the White House and Congress fomented the next crisis by sanctioning long-term budget deficits.
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