The Economist has a roundtable on Raghuram Rajan's analysis suggesting that regulatory policy should be countercyclical rather than procyclical. I contributed to the discussion, writing
I think that Mr Rajan is off base when he suggests trying to make the regulatory process more uniform in order to close gaps. If we do that, then my guess is that it will only serve to induce a sense of false complacency among investors and regulators.
I then outline my "easy to fix" alternative.
Felix Salmon finds a Goldman Sachs analysis of the regulatory arbitrage involved in securitization. That is something I have referred to many times, including my contribution to the Rajan Roundtable.