Word: limitations
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...juxtaposition of regulators who really didn't believe in regulation, and excess leverage," says Jon Corzine, the former governor of New Jersey and a former chief executive of Goldman Sachs. "We need stricter, higher capital rules for the banks. That's a much better solution than trying to limit a type of business that is hard to define...
Indeed, a number of former and current Wall Streeters have come out in favor of limiting proprietary trading by banks. At the Senate hearing on Thursday, former chairman of Citigroup John Reed said he supported a Volcker-rule-like separation of financial firms. "The industry should be compartmentalized so as to limit the propagation of failures and also to preserve cultural boundaries," Reed told Senators...
...supported or sponsored it. These included the Senate minority leader, Mitch McConnell, and the formerly virtuous John McCain, a sore loser who has reversed his position on practically everything lately. The Senate Republicans then proceeded to vote unanimously against a provision, attached to a necessary increase in the debt limit, that would force Congress to pay for every new initiative it enacts. This "paygo" provision was the law of the land when Bill Clinton was building budget surpluses (in fairness, he inherited it from the equally responsible George H.W. Bush) - and was abandoned when George W. Bush started building...
...heavy cost of being big. Too-big-to-fail banks should have a capital cost that will make it a disadvantage to compete in the riskiest parts of the financial-services market. I also like President Obama's recent proposal, the so-called Volcker Rule, which would limit proprietary trading and investing. Combining these two regulatory changes ought to encourage big banks to figure out new business strategies, and that would involve selling off some of their riskier businesses...
...Perhaps the worst part, however, is that deficits have risen the fastest in the euro-zone group, which requires members to limit their budget shortfalls to 3% of GDP. Many of these countries began exceeding that threshold before the financial crisis began and then went well above it after the crash. E.U. countries collectively spent $1.5 billion to save their vulnerable banking sectors and a further $200 billion in stimulus funding to revive their economies. Although the latter helped the 16-nation euro zone exit the recession in the middle of 2009, it also lifted already lofty deficit levels even...