By John Tamny of Forbes
Past troubles within the U.S. financial system continue to generate a great deal of feverish commentary from allegedly wise minds in the economic commentariat about how to fix what was broken. The general view is that something must be done in terms of legislation and regulation to ensure that another banking crisis of the kind which occurred in 2008 never happens again.
In a Wall Street Journal opinion piece on Tuesday, Princeton professor Alan Blinder observed that “Doing nothing to safeguard the financial system after what we’ve been through would be a disgrace.” On the same day former Treasury Secretary Henry Paulson wrote in the New York Times that “it is critical that we learn from the financial crisis and put in place reforms to avert a repeat of 2008 or something even worse.”
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