Seminar update, 3/14

Recap of what we discussed last week, and preview of this week

Last week, I reviewed how the U.S. financial system changed between 1970 and 1990. It became less fragmented and more competitive. Regulators changed strategy to try to create a level playing field with reduced incentive to take risks at the expense of the taxpayer.

There is a narrative that circulates in progressive circles which says that during the …