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The Naive Conceit of Banking Regulations

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"Past troubles within the U.S. financial system continue to generate a great deal of feverish commentary from allegedly wise minds in the economic commentariat about how to fix what was broken," writes John Tamny at Real Clear Markets. However, so that "we can avoid a repeat of the horrors felt in the markets when the federal government used money taken from the private sector to save institutions that the private sector rejected, it's essential to simplify, rather than confuse or expand regulation of finance," Tamny says. "Basically we need to reduce the presumption of financial regulation to twenty-three words: financial institutions that can't access private funding in order to continue their operations will be allowed to go bankrupt free of government interference." Sounds good to us.