Economists so seldom agree that any assembled group is likely to have more opinions than members (N economists = N + 1 opinions). It is therefore unusual to find so much agreement as there is today about the need for new and massive bank regulations.

This positive consensus is, however, combined with concern that any reform will be woefully inadequate, because bankers have such strong political clout that they will succeed, once again, in thwarting changes that are in the public interest but not in theirs.