Good Reading on Financial Reform

As the ham-handed, absurdly complex financial reform bill has just moved closer to Senate passage, I wanted to recommend a new, free down loadable book about the brave, new post-reform world published through the London School of Economics.

It features essays by, among others, Lord Adair Turner of the FSA and by Simon Johnson, former Chief Economist of the International Monetary Fund and frequent contributor to the reform debate. I respect the analysis and refreshing perspective that these knowledgeable observers bring to the table. It will take me a while to get through the book, but I really appreciate the distribution model LSE has taken to get the work out.

Incidentally, the Davis Polk law firm's initial analysis of the reform bill suggests that implementation will not be a walk in the park; some 67 studies are required by aspects of the bill, and the regulation development process is labyrinthine. In the meantime, the uncertainty created by the content and timing of the final regs will impose significant costs on businesses and consumers.

I am proud to say that Mick Jagger and I both have spent time studying at LSE. I suspect that his economics training is why the Stones have managed their musical business affairs so well over the years!