Barack Obama's regulatory proposals aim to make the US economy safe from financial excess without stifling the innovative and dynamic allocation of capital that fuels its growth.
Tim Geithner, Treasury secretary, and Lawrence Summers, National Economic Council director, do not believe the financial crisis was a fluke event.
Rather, they see it as rooted in market failures that delivered boom-bust credit cycles – not just in the US in recent years but also in earlier episodes in emerging markets and Japan.
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