On Sep 23, 2008, at 2:12 AM, Michael Pollak wrote:
> But one essential thing seem to be missing: a deep and comprehensive
> new regulatory power. Even if we leave out the details, isn't this
> the moment to pass it?
I don't think there's time for that. Even in a much better world, figuring out a new regulatory order would be really complicated. You could probably add something about "systemic stability" to the Fed's mandate, but even that would take time.
Doug