Another banking crisis would not be good
Curious Capitalist Justin Fox notices that time is running out on financial reform:
Earlier this year, when this regulatory crackdown was still in the hypothetical future, it was easy to sound tough about it. But now the big banks are making money again. The global economy seems to be recovering. The time to start cracking down is coming soon. Because if big financial regulatory reform doesn’t happen in the next year or so, it may never happen.
Me: I do know this: We can’t afford another banking crisis anytime soon. American debt-to GDP is already going from 33 percent to at least 80 percent by 2019. Another one and we just might have to follow Andrew Mellon’s advice and liquidate, liquidate, liquidate.