UNLIKE DAVOS, THE SPECIAL OLYMPICS OF WORLD FINANCE
The scope of these summits is sometimes breathtaking.
The communique continues the theme that there is going to be a new category of firm, one for 'systemically important'. I'm not sure at all how that is going to stick. We'll see.
China gets its structural trade advantages 'codified' for another 12 months. Everyone is 'hands off' trade, even the stuff that is long overdue to be scrutinized.
Credit rating agencies will be regulated.
What are they going to do? Waive fingers at them, periodically? I mean, if they didn't go out of business, if the franchise didn't collapse after it was compromised at the core, what gives with 'regulation'?
[trivia: what board of directors now has the former President of a major ratings agency?]
Thursday, April 2, 2009
G-20 Hoopla
