On Mon, Apr 7, 2008 at 8:21 PM, Patrick Bond <[EMAIL PROTECTED]> wrote: > For a couple of years (1983-85) I was a bank regulator, at the Philly Fed, > working on inner-city housing and small business lending, enforcing the > Community Reinvestment Act. But I also talked lots to colleagues who were > unearthing international portfolio damage as the Third World debt crisis > hit. > > I found the biggest problem wasn't failure to crystal ball gaze. It was > regulatory capture by the industry. All my colleagues were interested only > in that revolving door to some bank manager job.
This is an interesting theory. But I find it difficult to believe that very high level Fed officials like Al and Ben would be motivated by any "revolving door". There has to be a different mechanism for "regulatory capture" for these guys. I think it is just plain ideology. -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
