The risks posed by the out-of-control, politically controlled FIRE Economy are going mainstream. Our favorite quotation from Kuttner:

"But the SEC-- does have a wonderful tradition as an independent regulatory agency. However, the commissioners are appointed by the President, they're confirmed by Congress. And the budget is legislated by Congress. Whenever Arthur Levitt, who was the distinguished predecessor of Bill Donaldson, tried to be an aggressive regulator, Congress threatened to cut off his budge. So the forces against regulation in the public interest, as good as the SEC is, are stronger than they had ever been."


Full interview with transcript here.