The Obama administration, under the leadership of National Economic Council Chairman Lawrence Summers and Treasury Secretary Timothy Geithner, has announced forceful plans to put the financial crisis behind us.

Sadly, much of what the administration must cure has been caused by well-intended but flawed rules and regulations, many of which are strongly pro-cyclical. If these rules and regulations are not changed, many of the dollars made available through the administration's plans will be soaked up by the black hole of pro-cyclical regulatory demands.

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