Some Thoughts On US Financial Reforms

The financial system around the globe faces massive changes to its regulation. Although it seems fashionable for virtually everyone outside of government to talk down the financial reforms that have been agreed upon to date, his own view is that a great deal of progress has been made and the world will be a considerably better place for it. Although there are certainly flaws in the reforms, too many of the complaints seem to be based on an unrealistic view of what regulation can achieve. There will always be booms and busts in the financial world and some of the busts will merit the label "Crisis".