When You Have A Big,

China Saves Too Much, Produces Too Much, Sells Too Much To Americans And Consumes Too Little.

There Is No Way To Stabilize The Markets Other Than Through Government Intervention.

When You Have A Big, Ugly Problem, There's Never Going To Be A Neat, Elegant Solution That Is Totally Painless Or Without A Cost.

A Single Agency Responsible For Systemic Risk Would Be Accountable In A Way That No Regulator Was In The Run-up To The 2008 Crisis. With Access To All Necessary Information To Monitor The Markets, This Regulator Would Have A Better Chance Of Identifying And Limiting The Impact Of Future Speculative Bubbles.

There's A Lot Of Things We Could Do Better.