Major crises, financial or otherwise, are one of the few effective catalysts for reconsideration of public policy. But even in moments of crisis, the political process steers debate toward quick fixes that merely address symptoms, and not root causes.
So it's not surprising that one reaction to the Obama administration’s proposal to limit the growth and risk-taking of the largest banks has been that it falls into the pattern of attacking the wrong problem.
But it may be just as accurate to think of the proposal as an exception to that pattern. It's certainly
It's still difficult to say whether the administration's decision to embrace Paul Volcker's ideas is best viewed as a change in posture or one more grab at a "shovel-ready" idea but