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A Former Treasury Adviser On How to Really Fix Wall Street
(The New Republic, 2011)
Any serious program for Wall Street reform should start with two words: “term out.” “Terming out” is a financial term of art, but its meaning is easily grasped. It simply means funding your business with long-term financing ...
Regulating Money Creation After the Crisis
(Harvard Business Law Review, 2011)
Like bank deposits, money market instruments function in important ways as "money." Yet our financial regulatory regime does not take this proposition seriously. The (non-government) issuers of money market instruments-almost ...