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baselinescenario.com - 7/21/2009

Three Myths about the Consumer Financial Product Agency

— baselinescenario.com — This guest post was contributed by Elizabeth Warren , chair of the Congressional Oversight Panel and the Leo Gottlieb Professor of Law at Harvard University. I’ve written a lot about the creation of a new Consumer Protection Financial Agency (CFPA), starting with an article I wrote in the ... (more) Three Myths about the Consumer Financial Product Agency

Government

Financial Crisis

Warren Buffet

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economix.blogs.nytimes.com - 7/23/2009

Why Banks Should Support a Consumer Financial Protection Agency

— economix.blogs.nytimes.com — In a food contamination scare, people buy less of that food until the government assures them that it understands the problem and the contamination will not happen again. The same goes for a scare over the dangers of financial products, an economist ... (more) Why Banks Should Support a Consumer Financial Protection ...

Government

Financial Crisis

Comments vote downundo vote up The Baseline Scenario found this 7/23/2009found this

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fcac-acfc.gc.ca - 7/21/2009

Financial Consumer Agency of Canada

— fcac-acfc.gc.ca — Symbol of the Government of Canada maple leaf Financial Consumer Agency of Canada www.fcac-acfc.gc.ca Skip to content | Skip to institutional links Common menu bar links Fran ais Home Contact Us Help Search canada.gc.ca Home Institutional links | ... (more) Financial Consumer Agency of Canada

Government

Financial Crisis

Comments vote downundo vote up The Baseline Scenario found this 7/21/2009found this

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links for 2009-07-23
Economist's View — ... Things which probably aren't true - Free exchange Reducing Systemic Risk in the Financial Sector - Brookings Institution The Consumer Financial Protection Agency Act Is Flawed - Richard Posner Mindless ...

Some Antitrust Links
TRUTH ON THE MARKET — ... offers up some analysis the recently filed Ed O’Bannon v. NCAA challenging the NCAA’s use and license of former student-athletes’ identifies in various commercial ventures OK, its not exactly antitrust, but Richard Posner’s criticism of a new Consumer Protection Financial Agency based on the insights of behavioral economics is worth reading.  Posner points out that following investment advice borne of behavioral economics a decade ago to invest more in equities to avoid “myopic loss aversion” would not have been a good decision and ends with the important point that is ...

Traditional Chicago Economics Under Pressure: Beyond The Thaler-Posner Debate
The Baseline Scenario — ... Richard Posner is against the proposed new Consumer Financial Protection Agency (CFPA).  This is, of course, not a surprise.  Posner has always been an articulate advocate of the view most often associated with economics at the University of Chicago: market-based outcomes are invariably better than the alternatives, and anything that interferes with consumer choice is a bad idea.  ...

Plain Vanilla Mortgages
Economist's View — ... A mere 17 days after Thaler's NYT debut, I opened the Wall St. Journal op-ed page and spotted an essay by ... Richard Posner... I was all eyes, and the headline -- Treating Financial Consumers as Consenting Adults ... intrigued me. ... ...

Richard Thaler Explains Behavioral Economics to Richard Posner
The Baseline Scenario — ... Richard Posner, who usually shows at least some subtlety in his reasoning, trotted out all the usual Republican talking points against the Consumer Financial Protection Agency in the Wall Street Journal, choosing to attack Richard Thaler along the way for no apparent good reason. The core of his argument is that since Thaler has previously advocated investing a larger proportion of one’s portfolio in stocks, and this would have been a bad strategy in 2008, he cannot possibly be right when it comes to financial regulation. I’m not kidding – ...

Dear Richard (Posner), Love Richard (Thaler)
Paul Kedrosky's Infectious Greed — ... There is a nice note from behavioral economist Richard Thaler to law & economics sort Richard Posner out. The former takes the latter to task for his WSJ OpEd criticizing his support of a Consumer Financial Protection Agency. ...

Thaler vs Posner on Consumer Financial Protections
FinanceProfessor.com — ... (which by the way is well worth reading and even if you only read the interview on the Amzon page you will learn much.) Thaler and Sunstein suggest that by should take human behavior (i.e. behavioral finance/economics) into account when considering "choice architecture". Seemingly this idea has taken root and large parts of it are being adopted and as such has more or less been in the news weekly for the past few months. Not all are happy with this and recently Richard Posner took issue with the proposed changes in a WSJ opinion piece : "...the agency might [emphasis is ...