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Financial Reform by Novices

Last night, one of the major networks reported that the financil reform currently being proposed does not include bailouts.  The report went on to say that companies in difficulty would go out of business by a “resolution” process.  Apparently the lenders/creditors would be “protected”.

This would be another distortion of the credit market.

Just as I was emailing squawk@cnbc.com this morning, Rep. Paul Ryan (Wisc) appeared on Squawkbox and delivered rational comments on financial reform and why the “resolution” provision was yet another bit of liberal foolishness.  I’m off to see if I can find a transcript.  Suggest you do the same.

Kent

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