If the legislation currently being debated by the legislature is not real financial reform (and it is not, according to Fisher), then our current policy trajectory amounts to facilitating further rounds of financial dementia.

The Kanjorski amendment is important for the next time a major bank gets into serious trouble. Judging from their current swagger and the slogans you hear from top bankers, we only have to wait a few years for the next bailout cycle.

The president should nominate Paul Krugman to replace Peter Orszag as director of the Office of Management and Budget. The Obama administration lost the narrative on fiscal stimulus. Paul Krugman can get them back on track.

The following is also posted on Johnson's blog, BaselineScenario.com. "Breaking up big banks would actually increase system risk" is a refrain heard f...

Reforming incentives or even discouraging destructive cycles is not Goldman's job. Their role is to make money, pure and pretty simple given their market share. That is why we need government.