Slowly moving back into everything, and so catching up with Mark Thoma’s use of Paul Volcker as his latest line of Defense of Giving the Fed More Regulatory Power. (Amusing in itself, given Volcker’s description of the Fed before he was Owned by the Obama Administration.)
I like Thoma (a lot more than he likes me) and his professional work is clean and clear. (Judging by his videos, he’s also the second best college-level Econometrics teacher I’ve ever seen—and it’s no crime to be behind Peter Loeb in that regard.)
But he’s an Incurable Optimist, especially in his blogging. For instance:
If we ask tough questions and insist that the Fed take action in response to the problems that are uncovered, oversight can be improved without moving the authority outside of the Fed.
The English translation of that is: Better the Devil We Know Has Already Failed and that doesn’t have—or appear to want—the Governance Skills to Do the Job Required.