All Posts Tagged With: "financial regulation"
Regulatory Magic
President Obama has signed the financial industry regulatory overhaul – officially, the Dodd-Frank Wall Street Reform and Consumer Protection Act. Predictably, what he said about it cannot possibly be true.
23Jul2010 | Sheldon Richman | 15 comments | ContinuedLet the Unintended Consequences Commence
This in from the Wall Street Journal: President Barack Obama signed into a law the most sweeping overhaul of U.S. financial market regulations in generations, marking the conclusion of year-plus effort to craft a legislative response to the 2008 financial crisis. Speaking before he signed the legislation, Mr. Obama pitched it as a major step [...]
21Jul2010 | Sheldon Richman | 2 comments | ContinuedFinancial Regulation and Regime Uncertainty
From today’s Wall Street Journal (subscription site): Dodd-Frank, with its 2,300 pages, will unleash the biggest wave of new federal financial rule-making in three generations…. In a recent note to clients, the law firm of Davis Polk & Wardwell needed more than 150 pages merely to summarize the bureaucratic ecosystem created by Dodd-Frank. …[T]he lawyers [...]
14Jul2010 | Sheldon Richman | 8 comments | ContinuedDodd Doesn’t Know
“No one will know until this is actually in place how it works.” That’s Sen. Chris Dodd commenting on the 2,319-page financial regulation bill that he helped construct and that is wending its way through Congress. Dodd’s words must be a relief to the 535 congressmen and President: no point in reading the gibberish-laden monstrosity [...]
30Jun2010 | Sheldon Richman | 2 comments | ContinuedAbolish This Derivative
The most threatening derivative is overlooked in Washington: the power Big Finance derives from the State.
26Apr2010 | Sheldon Richman | 0 comments | ContinuedThe Pretense of Regulatory Knowledge
“The financial system’s size, complexity and global nature defy attempts to chart its future.” –Robert Samuelson, Washington Post
26Apr2010 | Sheldon Richman | 0 comments | ContinuedThe Washington-Wall Street Kabuki Dance
When I watch the public furor over the ruling party’s attempt to “toughen” regulations on the financial industry, I get the same feeling I often have in a theater: Good show but it’s not real.
23Apr2010 | Sheldon Richman | 5 comments | ContinuedA Failure of Capitalism: The Crisis of ’08 and the Descent into Depression
Richard Posner’s latest book belongs to the fast-expanding cottage industry of financial crisis books. A federal judge with a grounding in economics, Posner would seem to be an ideal person to tackle this complicated subject. Alas, he provides neither fresh material nor an interesting perspective. Posner describes well-known events—the failure of investment banks Bear Stearns [...]
5Jan2010 | Chidem Kurdas | 1 comment | ContinuedThe Long and Short of Short Selling
Short selling is a little-understood, much-maligned tactic by which traders can profit from their belief that a company’s stock is overvalued. Following the financial problems of the last two years, short selling has come under fire, with new or revived regulations proposed to curb the practice. It is unpatriotic, destructive, and destabilizing, say the critics. [...]
5Jan2010 | Warren C. Gibson | 12 comments | ContinuedBad Regulation Drives Out Good
In 1969 economist Harold Demsetz identified a flaw in much public policy analysis, the “Nirvana Fallacy”: “The view that now pervades much public policy economics implicitly presents the relevant choice as between an ideal norm and an existing ‘imperfect’ institutional arrangement. This nirvana approach differs considerably from a comparative institution approach in which the relevant choice [...]
17Jun2009 | Sheldon Richman | 0 comments | ContinuedThe Stock Market Is a Swindle?
Jude Blanchette is a freelance writer living in China. Michael Kinsley, founding editor of the online magazine Slate, columnist for the Washington Post, and American editor of the Guardian (UK), is a smart guy. His columns are often witty and incisive. Even where Kinsley is wrong (and he often is) he provides the reader a [...]
1Apr2007 | Jude Blanchette | 0 comments | ContinuedEnron and Argentina Are Examples of Market Failure?
In the eyes of New York Times columnist Paul Krugman, nearly everything that goes wrong in the world is caused by the fact that government is not big and powerful enough. In a mid-December 2001 column he blamed both the bankruptcy of Enron and the collapse of the Argentine economy on deregulation. But, as is [...]
1May2002 | Thomas J. DiLorenzo | 3 comments | Continued-
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