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New Directions in Financial Services Regulation$
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Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

Print publication date: 2011

Print ISBN-13: 9780262015615

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015615.001.0001

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Summary of Discussion

Summary of Discussion

Chapter:
(p.63) Summary of Discussion
Source:
New Directions in Financial Services Regulation
Author(s):

Roger B. Porter

Robert R. Glauber

Thomas J. Healey

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262015615.003.0006

This chapter summarizes and gathers together insights that come from the previous chapters. It first discusses an insight about how the government was responsible for the financial crisis and the importance of a predictable monetary policy. The private sector had some responsibility according to this theory, which also postulates that regulatory failure among bank supervisors was perhaps not at fault. Instead, the FOMC level’s failure in fundamental economic analysis is blamed. The chapter then summarizes the responses those insights, such as the idea that the predictability of monetary policy is open to interpretation. The chapter then submerges into the debates and arguments for the causes of the financial crisis, going through the points of each of the previous chapters. It ends an assertion that the government sector holds more responsibility for the crisis than the private sector, and that the government seems to have not learned from the financial crisis.

Keywords:   predictable monetary policy, regulatory failure, FOMC, fundamental economic analysis, financial crisis

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