The Big Bank Fix
Premature rejection of bank nationalization when the financial crisis erupted in 2008 has left us with the same two alternatives that Franklin D. Roosevelt faced in 1933: break-up or regulation. What advocates of regulation miss is that the battle between the two approaches is a question of political power, not of technical financial economics.
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LONDON – Two alternative approaches dominate current discussions about banking reform: break-up and regulation. The debate goes back to the early days of US President Franklin D. Roosevelt’s “New Deal,” which pitted “trust-busters” against regulators.