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Aspiration, it seems, is in danger of becoming the preserve of the wealthy.

You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.

The biggest issue I have with the CFPB is that I don't believe that they should be funded out of profits from the Federal Reserve.

As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

It's important for the Fed, hard as it is, to attempt to detect asset bubbles while they're forming.

The Fed has the ability to put money out, it's got the ability to take money back in, and if they don't do that, we will have hyperinflation worse than we had in 1980 and 1981.

It is understandable that the Fed injects cash to avoid the collapse of the stock market, but basically it is bad policy for monetary authorities to intervene to save speculators from bankruptcy. This is not their role.

What the F.D.I.C. does is to put the full faith and credit of the United States government behind every savings account in the nation, up to a limit that has changed over the years and stands now at $100,000.