The Never Ending Attempts to Eliminate Regulations, Or Why Has Canada Figured This Out While the US Acts Like a Nation Run by Warlord-Banker-Lobbyists ?

Courtesy of snarling bank critics Chris Whalen & Josh Rosner, have a look at 1994’s GAO/GGD-94-133 — its in the Think Tank doc FINANCIAL DERIVATIVES: Actions Needed to Protect the Financial System.

Reining in bank recklessness seems to be a never ending task. Unless and until we either go full blown Canadian, or alternatively ringfence the speculative portions from the insured portions, the system remains at risk.

Perhaps my Libertarian friends are right: Eliminate FDIC guarantees, and let depostors flee to local and community banks . . .

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