Quote of the Day
Dost thou not understand that there are two distinct forces in us, that of the soul and that of the body, that is, a movement and a regulator?
The Federal Reserve, the Treasury, all the regulator agencies - if there's a problem of the financial mechanism in society, the only one to fix it is government. They've got a legitimate role.
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
But let me tell you what happens when regulations go too far, when they seem to exist only for the purpose of justifying the existence of a regulator. It kills the people trying to start a business.
A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.
When teachers try to teach, nurses try to nurse, small businesses try to serve their clients and the police try to arrest criminals, there is always a regulator or three breathing down their necks. Conservatives want to make people's lives easier.
If we have a common currency, the main regulator for policy in the country is the fiscal policy.
But the French writers always had more originality and independence than others, and that regulator, which elsewhere was religion, long since ceased to exist for them.
My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.
Changes in size are not a consequence of changes in shape, but the reverse: changes in size often require changes in shape. To put it another way, size is a supreme regulator of all matters biological. No living entity can evolve or develop without taking size into consideration. Much more than that, size is a prime mover in evolution.
John Tyler Bonner
They say I am a regulator and I think it is just an effort not to comply with the decree. I do not do anything except what the decree requires me to do.
Harold H. Greene
TSA serves as the operator, administrator and regulator for the nation's transportation security. But in fact, the TSA bureaucracy does all it can to thwart any conversion to a system with more private-sector operations and strong federal oversight and standards. This agency cannot, and should not, do it all.
There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper, which allows them to go ahead and buy unregulated products at their own risk.
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