Banks and financial institutions hate regulation. It is cumbersome, costly to adhere to, and costly to circumvent. In this HuffPost blog post, Denis Kelleher outlines the five fronts on which Wall Street has been fighting government attempts to regulate banks. Big banks have largely been successful in fighting off costly regulation. In my forthcoming book published by Cambridge University Press, I advocate either total regulatory lock-down of the banking system or no regulation. In the case of the latter, governments would also have to credibly commit to not bailing out banks when they get into trouble. The mishmash of complex rules we have today isn't fit for purpose. After all, this system didn't prevent the 2008 crisis!
The Berkeley Earth Project , an independent study of global warming, has found that the earth has become a degree warmer over the past half century. However, the statistical uncertainty surrounding pre-1920 estimates makes it very hard to say much about long-term trends - click here for graph . This is one of my concerns with the global warming debate - we simply don't have trustworthy long-run data which looks at temperature changes over the last millennium (or two). My second concern with the global warming debate is that it is very hard to prove any sort of casual link between global warming and human activity. The scientists may be able to show correlation between global warming and our production of carbon dioxides etc., but correlation is not causation. My third concern with the debate is that those who are sceptical or agnostic are stereotyped as flat-earthers or intellectually-challenged crackpots. This only stifles debate and the progress of science itself.