Tags: larry | Kotlikoff | Limited | Purpose | Banking | Financial | Crisis

Kotlikoff: 'Limited Purpose Banking' Is Solution to Financial Crisis

Wednesday, 15 Sep 2010 12:02 PM

Leading economist and Boston University professor Larry Kotlikoff discusses his new book "Jimmy Stewart Is Dead," claiming that “trustworthy, honest bankers” (such as the fictional George Bailey character portrayed by Stewart in "It's a Wonderful Life") no longer exist.

He also makes his case for ending the global financial crisis with "limited purpose banking," which he defines as transforming all banks, insurance companies and other financial corporations into mutual funds and having the government verify, disclose and independently rate and assess all securities they hold.

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Kotlikoff also urges the government to create a "Federal Financial Authority," which he describes would be a Food and Drug Administration for the financial industry.

He also offers a possible cure for the ailing Social Security system.

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Leading economist and Boston University professor Larry Kotlikoff discusses his new book Jimmy Stewart Is Dead, claiming that trustworthy, honest bankers (such as the fictional George Bailey character portrayed by Stewart in It's a Wonderful Life ) no longer exist. He...
larry,Kotlikoff,Limited,Purpose,Banking,Financial,Crisis
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2010-02-15
Wednesday, 15 Sep 2010 12:02 PM
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