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Getting close on reform June 9, 2010

Posted by WillardWhyte in Economy, Greed, Wall Street.
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After a very long  journey, congressional conference appears to be nearing some sort of consensus on financial reform, although the details seem to be dribbling out in a somewhat disappointing manner. Things are a lot less open than Rep. Barney Frank promised months ago, which can only result in mischief.

I highly recommend the summary view Politico posted up in the last day or so providing the views of  Joseph Stiglitz, a 2001  Nobel Prize winner in  economics and experienced in the ways of Washington from a stint as chairman of Bill Clinton’s Council of Economic Advisers.

I’d pay particularly close attention to his comments on derivatives and the various aspects of the two bills that take differing approaches to regulation in this area — and his advice to adopt the Volcker Rule as well as the tough elements in the Senate bill put forth by Sen. Blanche Lincoln. And to provide authority to undo deals that bypass clearinghouse and other rules.

I also think he is right on the money when he says Congress must make its intent clear in each and every instance, so that the inevitable legal engagements have something to reference aside from the Dancing of the Legal Stars.

The full piece is here.  The time is now — so anyone who values their money should weigh in.

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