Regulators Have Learned Nothing from the Financial Crisis | Mark A. Calabria | Cato Institute: Commentary

Regulators Have Learned Nothing from the Financial Crisis | Mark A. Calabria | Cato Institute: Commentary: "The favoring, if not actual subsidizing, of sovereign and mortgage debt not only remains, but is expanded, under Basel III.

It is no coincidence that these are also the markets that have suffered the most disruptions and required the largest bailouts. Any framework that treats debt issued by entities such as Fannie Mae and Greece as essentially risk-free is a framework that cannot be taken seriously."