Principles for Smart Financial Regulation

[yaluobud]

Nice rhetoric, but why did the US repeal the Glass-Steagall Act in 1999?

Why didn't Bush's Panel on Capital Markets Regulation listen to the advice of the US Securities and Exchange Commission for more transparency & accountability?

Clearly, Bush was listening to his financial advisors who mostly originated from Goldman Sarchs, and who all did quite nicely during his incompetent administration.

Obviously time for the US to give up on running the international monetary & financial system

[daaussie]

Systemic risk, international scope, eliminating loop holes, forward looking...I wonder how long this form of regulation will do the trick. 20 years? The financial markets are far too complex and opaque for a regulator to do a decent job...!