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I found myself wondering why the Weyl/Posner idea to have a ‘financial FDA’ was suddenly resurfacing all over the place.
Seems to trace to a Gretchen Morgenson column over the weekend. Posner & Weyl themselves opened a new front on Bloomberg. This ‘new idea’ has now gotten linked by MR and discussed by Yglesias, while Mark Calabria is more skeptical (and this Economist blogger is downright scathing).
But what are all these people doing? This was already discussed and (to my way of thinking) demolished by Craig Pirrong and quoted by Suzy Khimm back in Feb. As noted by yours truly (I knew there was a reason I remembered all this!).
That was all a couple months ago which is ancient by blogosphere standards, and none of those points have been rebutted by anyone that I can see, or at least find in my Google Reader. And the skeptics in the current round are just tentatively re-discovering the points he already made in more detail.
On one level what this just shows is the uselessness of old media. NYT writes a column about that paper now, more than two months after it came out?? But it also shows that some discussions need to percolate more efficiently through the blogosphere. At the very least, make someone, anyone, confront the rebuttals to Weyl/Posner and ‘financial FDA’ that have been raised, before letting them launch this new publicity push about it.
Anyway, I’m trying to do my part here. Everyone, please, try to catch up.
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