Last Monday, August 2nd, I appeared on Ian Master’s Daily Briefing, a Los Angeles radio program. The main focus of our chat was why Elizabeth Warren is far and away the best choice to lead the Bureau of Consumer Financial Protection. Since that interview, I have been ruminating over a tangential question Ian Masters posed....
Readers may have noticed today’s WSJ article on a set of studies suggesting that the relationship between capital levels and the costs of loans is less significant than the banking industry contends. (Naturally, the Journal provides no links. I’m assuming the article is referring to this study by Kashyap, Stein, and Hanson and this...
Last week we discussed an important Bloomberg report on so-called “retained asset accounts.” The report received a lot of coverage on radio and national television. In reaction, the Department of Veteran’s Affairs announced that it was reviewing the terms of life insurance payouts for veterans. The New York Attorney-General, Andrew Cuomo, launched an investigation...
The Dodd-Frank Act has placed unprecedented responsibilities on the financial regulators to ensure financial stability and bank safety and to promote consumer protection. Many commentators have been skeptical of the reforms contained in the Act for this reason: after all, weren’t regulators part of the problem to begin with? So it is critically important...
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