Today's New York Times column by Floyd Norris on how to fix the banking system is a rare miss for the financial columnist.
It reads like a (mercifully) shorter version of Allan Sloan's TIME column from this week but similarly offers little unique insight or ideas in response to the current financial crisis.
In pointing out that bankers makes lots of money and why they do, he makes reasoned arguments - such as looking at the causes (concentration) not the effects (salaries) when looking at regulatory reform - but no idea stuck out as new.
While I can't argue with this, I feel like I've heard it before:
One way to do that is to encourage more competition. The impulse last year to have bigger banks take over failing big banks now looks exactly wrong, even before remembering that the regulators thought Citigroup and Bank of America were good acquirers with solid balance sheets.
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