Robert Litan’s working paper on what financial innovation hath wrought is a must read. [Download Here] He set out to determine whether the radical changes in the way financial markets function over the past half-century deserve the bad rap …
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…Ed Andrews’ critique of Paul Volcker’s plan for taming the big banks’ incentives to take excessive risks? Andrews, a former business reporter for The New York Times, points out that Volcker used bait-and-switch tactics, defining the problem in terms of “too big to fail” and then … |
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