Regulation is a chess mid-game, not a math problem. With a math problem, once you solve the problem, it stays solved. In a chess mid-game, new opportunities and threats arise constantly. You try to plan ahead, but your plans inevitably degrade over time.
From the ever-quotable Arnold Kling
. Anything that combines two passions like that for me -- though I have lost my chess playing as Littlest has grown out of it -- is a winner. It's a nice way to describe the regulatory dialectic
Labels: banking, chess, economics