Marginal Revolution: How good can financial regulation become? firms like investment banks, who profit by taking on financial risks, may impose some of those risks on the economic system as a whole. That is why the argument that incentives are aligned does not hold when firms start pushing the limits. They are gambling, partly, with our money.

Mish’s Global Economic Trend Analysis: Anatomy of a Meltdown Anatomy of a Meltdown

naked capitalism: Martin Mayer on Past and Current Misdeeds in Finance Innovation allows you to go back to some scam that was prohibited under the old regime. How can you oppose innovation? The fact that the whole purpose of the innovation is to get around the existing regulation never seems to occur to regulators or members of Congress…..

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