An outstanding anecdote from the WSJ‘s David Wessel. At a Center for American Progress and Hamilton Project event today in DC, NEC director Larry Summers was explaining to Mike Bloomberg why disclosure is not enough to fix Wall Street:
Whenever something happens, Summers said, Plan A is form a committee. Plan B is to encourage industry to voluntarily devise better practices. Plan C is to call for more transparency. And then, eventually, Plan D is “do something.”
The audience..laughed.Then moderator Charlie Rose, the TV talk show host, intervened: Is that how you’d describe the president’s commission to ponder the federal budget deficit?
Summers was, uncharacteristically, speechless.
But seriously, we’re going to go bankrupt.
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