In the News: MarketWatch

Merk Senior Economic Adviser William Poole tells MarketWatch that central planning principles are applied to regulating banks

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William Poole,a former president of the Federal Reserve Bank of St. Louis, said banks [..] have now opened themselves up to more detailed influence by Washington regulators.

'There is enormous regulatory discretion and this will promote a lot of lobbying and regulatory pressure back and forth,' said Poole, now a fellow at the Cato Institute. 'We’re building into a situation where we’re going to be operating a financial sector based on central planning principals and I know lots of cases where central planning has failed and I know of no case of shining successes.'

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