mike konzcal

FinReg: From Potty Training to World Government

For at least a pair of views on the Wall Street Reform and Consumer Protection Act, or Dodd-Frank, or FinReg, a helpful place to start is Chris Hayes’ The Breakdown: Will the Financial Reform Bill Prevent Future Meltdowns? with Mike Konzcal.

Mike’s got you covered. He breaks the crisis down into four interconnected sectors: an exploitative, under-regulated system of consumer finance; dark markets in derivatives; the failures of “too big to fail” banks and the ripple effects they caused; and shadow banks that were able to avoid regulations (and also lacking, as Mike says, the “toilet training” necessary to behave).

Dreaming of Tiny Banks

I’m not so lefty that I like big banks with big lobbying budgets.

Listening to Mike Konczal and Timothy Carney talk about the power of lobbyists, namely Goldman Sachs and “financialization” and financial reform, I’m just wondering if what the US needs is lobbying reform. Goldman Sachs et al are only gaming the financial system through Congress for their own designs. I also wonder if financialization, not squabbling engineers, is behind American resistance to auto mergers. Arnold Kling sounds downright utopian.

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