October 11, 2009
Britain's Central Planning Death Panels
October 11, 2009
Free Market M.D.
October 11, 2009
Economies of Scale in Compliance
October 11, 2009
Balan's Challenge
October 10, 2009
The Pleasure of Telling Others What to Do
October 10, 2009
Gonick the Great - and How He Could Have Been Greater
October 9, 2009
More Scott Sumner
October 9, 2009
Not From The Onion
October 9, 2009
Thoughts on a Second Stimulus
I only hope that--unlike the econoblogosphere--they pay some passing attention to the Commodities Futures "Modernization" Act that Gramm snuck through in '99 with no debate.
A regulation that made regulation illegal. It specifically banned regulation of CDSes. As in, capital/leveraging limitations, which would have gone far to dampen the secondary mortgage market.
For Gramm, it seems, modernized regulation is no regulation.
For those who cares, my screed here:
The Problem Was Not Deregulating. The Problem Was Not Regulating.
http://trueconservative.typepad.com/trueconservative/2008/10/the-problem-was-not-deregulating-the-problem-was-not-regulating.html
The answer is clear: too many steroids in baseball. Wall Street securities exchangers got a little too exuberant about Bonds breaking the home run record, and well, here we are today.
Seems about as relevant as the other explanations Congress will come up with.
Waxman's my congressman. For what it's worth, I just called his constituency office and recommended they invite you to testify as well.