Vol. 2000-7

No question: there is something quite special, though fleeting, about Summer. From Gershwin to Shakespeare, poets and songwriters have reminded us of "Summertime –And the livin’ is easy," (Porgy and Bess), but that "Summer’s length hath all too short a lease," (The Sonnets). It is not so much a lazy time as it is one that encourages a relaxed disengagement from daily concerns, even from matters of such cosmic importance as banking regulation! It offers the rare opportunity to put in better perspective issues that seemed so pressing just a few months ago, and which shortly will appear so again. Possibly even more important, there is time for one to lean back and observe the passing scene with little more in mind than appreciating the ironies and smiling at the absurdities that the interaction of banking and government is capable of producing.

This is what I have done over the past week or so, as July moved slowly into August. I hope that readers will be interested in – possibly even share – a few of my reactions. And if an occasional ray of light is cast on where we may be heading in this new financial world, so much the better.

For no special reason, I have labeled each of the brief pieces that follow as: "The Good Old Days," "News From the Bundesbank," "The Banker Association World," "I’m From the Federal Reserve and I’m Here to Help," and "Will the Real Crisis Manager Please Stand Up?" Then I wrap up these items in a concluding piece with a few thoughts on what they may mean.