… is from page 74 of my friend and old classmate Roger Koppl’s superb 2014 monograph, From Crisis to Confidence: Macroeconomics after the Crash:
Discretionary regulation appears to have become something of a new orthodoxy in the theory and practice of financial-market regulation. I think this orthodoxy is mistaken and dangerous. Discretionary regulation … violates the rule of law and it tends to make the global financial system more fragile and less resilient.
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