Looks like we'll never notice any changing of the guard. Because there isn't going to be one?
Lew declared at the 2010 Senate hearing that he didn't think financial deregulation led to the financial crisis, saying the real problem was banks taking too many risks with bizarre derivatives."I don't believe that deregulation was the proximate cause," he said, adding, "I would defer to others who are more expert about the industry to try and parse it better than that."
And maybe the reason why they were taking too many risks with bizarre derivatives was because . . . nobody was regulating the trades or the instruments? I mean, if children playing with matches set your house on fire, you take away the matches, and if the Masters of The Universe are trading exotic pieces of paper that have already set the economy on fire and which they still have no idea how to value, you might want to consider, well, taking away their play money. Crazy thought, I know, when what they really need is a tax cut.
---Baron V
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