Politico-
The U.S. financial system is safer a decade after the worst financial crisis since the Great Depression. But that may be more a matter of luck and timing than anything done in response to the meltdown of 2008.
“We are safer,” Harvard economics professor Ken Rogoff said in the latest edition of the POLITICO Money podcast, recorded from a panel at the POLITICO Pro Summit. “A lot of it comes from when the whole system has been traumatized — consumers, investors, policy makers, regulators — you are less likely to have something right away afterwards. People are very nervous.”
But Rogoff said the rapid rollback of many protections in the Dodd-Frank financial reform law are unlike anything seen following previous major crises. “Usually it takes many decades before everybody says, ‘Hey, things are going great. Why do we have all these regulations? Let’s pull them back.’ That’s a very typical dynamic. We’ve kind of had that faster this time so maybe we could get in more trouble quickly.”
[POLITICO]
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