That’s the meme of Federal Reserve Board Governor Daniel Turillo, the Fed’s reputed point man for regulation. Turillo is claiming that
the lessons of the 2008 financial crisis won’t be complete without better regulation of short-term funding both inside and outside the banking system.
Naturally, the regulatory point man is going to see everything as a regulatory need.
OK, since more regulations are the solution, here’s a suggestion.
How about some regulations prohibiting the Federal government and the Federal Reserve Bank from using credit and lending as social engineering tools?