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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Faulty Reasoning Behind Calomiris Post Dodd Frank Reform Proposals | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="s4ihhbjtjH"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/faulty-reasoning-behind-calomiris-post-dodd-frank-reform-proposals.html"&gt;Faulty Reasoning Behind Calomiris Post Dodd Frank Reform Proposals&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/faulty-reasoning-behind-calomiris-post-dodd-frank-reform-proposals.html/embed#?secret=s4ihhbjtjH" width="600" height="338" title="&#x201C;Faulty Reasoning Behind Calomiris Post Dodd Frank Reform Proposals&#x201D; &#x2014; naked capitalism" data-secret="s4ihhbjtjH" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>I hate to take issue with a post by Mike Konczal on some Dodd Frank reform ideas posed by Charles Calomiris in "Beyond Basel and Dodd Frank", since Mike is usual a source of reliable analysis. But that's why it's particularly important to let one of the rare times he goes off beam not to lend credence to reform ideas that are sorely wanting.   The problem in general with Dodd Frank and subsequent fixes is they don't come close to doing what needed to be done, which is dramatically reduce the ability of financial players to wreck the economy for fun and profit. The fact that the banks howl bitterly over some half-hearted measures should not be mistaken for effectiveness. The big dealer banks have realized that they've emerged more powerful and better able to extract rents than before the crisis, so why not press their advantage? Their new position is that any restriction on their profit-seeking is an intrusion and should be beaten back. Witness some recent evidence: their foot-dragging on clearinghouses for swaps. The normally accommodating New York Fed is forming a group to "compel" the banks to live up to their commitments. Of course, with enablers like Timothy Geithner, who has signaled that he is leaning toward exempting foreign exchange derivatives from Dodd Frank implementation, the banks don't have to fight all that hard.  Let's turn to the current debate.</description><thumbnail_url>http://www.nakedcapitalism.com/wp-content/uploads/2011/04/Screen-shot-2011-04-08-at-2.37.16-AM.png</thumbnail_url></oembed>

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