{"id":21686,"date":"2016-09-17T12:39:07","date_gmt":"2016-09-17T17:39:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21686"},"modified":"2016-09-17T12:39:07","modified_gmt":"2016-09-17T17:39:07","slug":"former-treasury-secretary-says-banks-may-be-riskier-now-than-in-the-2008-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21686","title":{"rendered":"Former Treasury Secretary says banks may be riskier now than in the 2008 crisis"},"content":{"rendered":"
\"larry-summers\"<\/div>\n

Former Treasury Secretary says banks may be riskier now than in the 2008 crisis<\/a><\/h3>\n
<\/div>\n
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\u201cSir. SIR! This your bag,\u201d the TSA agent barked at me last week, more as a statement than a question.<\/p>\n

\u201cIt is.\u201d<\/p>\n

\u201cAre you carrying any liquids?\u201d<\/p>\n

I knew immediately; I had forgotten about the bottle of water that I had shoved in my briefcase before checking out of my hotel.<\/p>\n

They opened my bag and confiscated the water bottle immediately with an extra harrumph to make sure I knew that I had wasted their time.<\/p>\n

Yeah, I get it. I broke the rule. But it\u2019s such a ridiculous rule to begin with.<\/p>\n

Are we really supposed to pretend that Miami International Airport is any safer because there\u2019s a brand new, unopened Dasani bottle in the TSA wastebin?<\/p>\n

You may recall how Istanbul\u2019s Ataturk Airport was attacked on June 28th by men armed with automatic weapons and explosives.<\/p>\n

Ataturk was already one of the most security-conscious airports in the world\u2013 you actually have to go through a security checkpoint just to enter the building, followed by a second security checkpoint on your way to the gate.<\/p>\n

And yet, despite all of this extra security, 41 people were killed and hundreds more wounded in an attack that shows just how ineffective airport security really is.<\/p>\n

Airport security isn\u2019t real security. It\u2019s merely the illusion of security\u2013 a bunch of busybodies in uniforms enforcing pointless rules to make people believe that they\u2019re safer.<\/p>\n

Candidly, our financial system has borrowed the same principle. There\u2019s no real safety in our financial system\u2013 merely the illusion of safety.<\/p>\n

Leading up to the 2008 financial crisis, most people thought the banks were safe.<\/p>\n

After all, we\u2019ve been told our entire lives that the banks are rock solid. What could go wrong?<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Former Treasury Secretary says banks may be riskier now than in the 2008 crisis \u201cSir. SIR! This your bag,\u201d the TSA agent barked at me last week, more as a statement than a question. \u201cIt is.\u201d \u201cAre you carrying any liquids?\u201d I knew immediately; I had forgotten about the bottle of water that I had […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2490,63,195,317,11934,481,690,7312,7313,14280],"class_list":["post-21686","post","type-post","status-publish","format-standard","hentry","category-economics","tag-2008-financial-crisis","tag-banks","tag-debt","tag-financial-system","tag-lawrence-summers","tag-leverage","tag-risk","tag-simon-black","tag-sovereign-man","tag-us-treasury-secretary"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21686"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21686\/revisions"}],"predecessor-version":[{"id":21687,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21686\/revisions\/21687"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}