Banking System Reform: Will the Regulators Do it in Four Years, Or Will the Market Do It in Four Days?
October 18, 2007 – 7:04 am
Two events over the past week lead me to believe we should expect a second bank share sell-off following the August disaster, along with a possible second, larger, rescue package from the Federal Reserve. The first event is the visible but completely unsatisfying joint announcement of three large American banks, on Monday, Oct 15th, resisting pressure as their mortgage conduits come unwound. The second event was the angry speech of Treasury Secretary Paulson at Georgetown University on Tuesday, Oct. 16th.
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