Paul Krugman:

The point, again, is that an institution like JPMorgan — a too-big-to-fail bank, not to mention a bank whose deposits are already guaranteed by U.S. taxpayers — shouldn’t be engaged in this kind of speculative investment at all. And that’s why we need a return to much stronger financial regulation, stronger even than the Dodd-Frank regulations passed back in 2010.

Good columns outline specific solutions in spite of the fact that a column is a short and general space that does not lend itself well to being specific and wonkish.

This word “stronger” is what gets me. Does that mean “more” or “better” or “more and better.” You’re going to get a lot of empty campaign rhetoric, but I wonder how much of the substantive differences in both sides can be outlined by simply switching modifiers. I might support legislation that breaks up big banks, believe it or not, if I got a tradeoff that greatly reduced the size of the administrative state.


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