December 1, 2010
This paper synthesizes the symposium proceedings, drawing upon the presentations and discussion at the event as the well as the papers themselves. Rather than present a linear summary of the event, this paper is organized around a framework suggested in part by the organization of the symposium and the paper by John Campbell and his colleagues that were also echoed by several participants at the symposium. Essentially, this framework suggests that an evaluation of how the nation should move forward from this crisis should proceed in three steps. The first step is to take stock of the public interest in the operation of the financial system. While there may not be agreement about what the goals of financial market reform ought to be, this review will at least highlight the reason lawmakers should not ignore them. The next step is to assess the causes of the financial crisis to understand the failings of the existing system. The last step is to then frame options for reforming the financial system to better serve the public interest while addressing the failings exhibited by the recent financial crisis. The paper consists of three main sections synthesizing the symposium’s findings in each of these areas...
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