At a time when the political discourse is focused on class division, this story of the banker and the plumber offers touching human interest. Imagine how nice it would be if, while the plumber was redoing the banker's bathroom, the banker were renegotiating the plumber's mortgage.

Burdensome rules imposed on financial market participants can hinder the entire economy. The effects might be obvious to some, but seem utterly lost on others. Instead of trying to convince "public interest" advocates that strict position limits on energy are economically absurd (the best way to "hoard" oil is to keep it in the ground, which is not an act that is subject to position limits), Commissioner Giancarlo is better off bemoaning the plight of the virtuous farmer.

The President will most likely veto this bill. It is unlikely lawmakers will have the votes to override the veto. Certainly, the Department of Labor had the legal authority to adopt the rule (subject to any potential procedural change). It should go forward as adopted, notwithstanding (i) serious policy objections to the rule and (ii) the fact that a Congressional majority considers it to be flawed. That said, this "victory" of rulemaking exemplifies the wrong way to conduct regulatory…

One of the best books ever written about financial crises is , by  (1986). The book enjoyed a resurgence of popularity in 2010 with a number of articles dating from that period maintaining that we were in a "" (of the type predicted in the book). A number of Mr. Berner's conclusions seem to echo Mr. Minsky's theories, particularly the view that periods of low volatility can seduce investors into taking on too much leverage or other kinds of risk.