On Sat, 29 Nov 2008, SA wrote:
> But when push comes to shove, on the things that really matter - financial
> re-regulation being the most important, in my view - I think he'll be to the
> right of Volcker.
His column on the subject certainly is not:
The six principles of regulation: http://www.ft.com/cms/s/0/6e0613d4-2fef-11dd-86cc-000077b07658.html
> In the end, he'll come down on the side where he sniffs power and
> popularity, i.e., the side his patron Robert Rubin will be on.
Perhaps. But I suspect he really cares more about his emminence among economists more than any other single thing. To design a clearly new system of regulation that marked a new epoch and had his name attached to it... that might turn him on more than money and fame.
Also I think he wants the Fed job. So giving lots more power to the Fed might appeal to him.
Well that's as far as I can speculate in my role as a devil's advocate (truly, in this case!). We shall see.
Michael