{"id":732,"date":"2009-06-18T06:52:53","date_gmt":"2009-06-18T11:52:53","guid":{"rendered":"http:\/\/www.joewhite.com\/?p=732"},"modified":"2009-06-18T06:52:57","modified_gmt":"2009-06-18T11:52:57","slug":"the-financial-white-paper-a-fabulous-tale-by-arnold-kling","status":"publish","type":"post","link":"https:\/\/www.joewhite.com\/ramble\/2009\/06\/the-financial-white-paper-a-fabulous-tale-by-arnold-kling\/","title":{"rendered":"The Financial White Paper:  A Fabulous Tale, by Arnold Kling"},"content":{"rendered":"<p><a href=\"http:\/\/econlog.econlib.org\/archives\/2009\/06\/the_financial_w.html\">The Financial White Paper:  A Fabulous Tale, by Arnold Kling<\/a>:<\/p>\n<blockquote><p>Once upon a time, there was a summer camp. To entertain the kids, the counselors handed out matches1, lighter fluid2, and newspapers3. The camp burned down.<\/p>\n<p>Afterwards, a white paper was written, proposing more supervision by counselors. It called for a systemic counselor to watch out for camp-wide fire hazards, and it called for procedures to put out fires that are &#8220;too big to let burn.&#8221;<\/p>\n<p>The <a href=\"http:\/\/www.finreg21.com\/files\/finreg21-finreg21\/Obama%20Financial%20Regulatory%20Reform_New%20Foundation_0.pdf\">white paper<\/a> was written under the direction of two counselors, Larry and Tim, with input from another counselor, Ben.<\/p>\n<p>The end.<\/p>\n<p>1housing policy that encourages speculative purchases and subsidizes mortgage indebtedness<br \/>\n2tax policy that encourages banks and other firms to maximize debt relative to equity<br \/>\n3bank capital regulations that reward securitization and the creation of off-balance sheet entities<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Financial White Paper: A Fabulous Tale, by Arnold Kling: Once upon a time, there was a summer camp. To entertain the kids, the counselors<\/p>\n","protected":false},"author":647,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[],"class_list":["post-732","post","type-post","status-publish","format-standard","hentry","category-random-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pekNN-bO","_links":{"self":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/users\/647"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/comments?post=732"}],"version-history":[{"count":1,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/732\/revisions"}],"predecessor-version":[{"id":733,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/732\/revisions\/733"}],"wp:attachment":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/media?parent=732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/categories?post=732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/tags?post=732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}