Flying blind

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Crises always provide both the impetus and rationale for government action. Certainly, the Great Recession, as our current painful experience is frequently being called, is no exception. Right on cue, the Obama administration has released its Financial Regulatory Reform proposal. Subtitled A new foundation: rebuilding financial supervision and regulation, its substance fails to live up to its title.

The one very constructive proposal it advances is to eliminate legal form as the conclusive basis

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