I <3 Hockeynomics
Glen Milne has written a very good piece on The Drum about why Hockey's 9 proposals are acutally pretty good and what this whole banking regulation issue is really about.
He makes two particularly good points.
The first is that Professor Joshua Gans, a visiting Professor of Economics at Harvard, has said that actually Hockey seems pretty sensible.
And the second is that the regulations we have for the banking sector are all based on the idea that the public would never underwrite the risk of the Banks. But during the GFC we did exactly that with the bank gaurantees. If banks are now a privileged, government guaranteed utility, the public deserves a bit more say in how those banks operate and what reasonable profits are.
Personally I think Swan should have just lept on the 9 point plan when it was first voiced and adopted it as his own. Now he's spent so long berrating Hockey, he looks like being unfashionably late to the party.
He makes two particularly good points.
The first is that Professor Joshua Gans, a visiting Professor of Economics at Harvard, has said that actually Hockey seems pretty sensible.
And the second is that the regulations we have for the banking sector are all based on the idea that the public would never underwrite the risk of the Banks. But during the GFC we did exactly that with the bank gaurantees. If banks are now a privileged, government guaranteed utility, the public deserves a bit more say in how those banks operate and what reasonable profits are.
Personally I think Swan should have just lept on the 9 point plan when it was first voiced and adopted it as his own. Now he's spent so long berrating Hockey, he looks like being unfashionably late to the party.