Cohen in control

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  • Disagree. The only real change is that implicit government (taxpayer) guarantees have become explicit, and the "system" has enshrined the Too-Big-To-Fail doctrine. The finance sector expands under state subidies and lax monetary policy, QE and zero rates. And the real economy shrinks. The remaining broker-dealers have been allowed to game the system and have become BHCs. Regulatory changes have been trivial to date. US leadership is facing a serious test and so far is failing. A much more radical approach will be needed within a few years as in 1937-38.

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