Thread by @rortybomb

My financial crisis thoughts that aren't common wisdom:
- The crisis itself had little to do with the weak recovery. Consumers deleveraging was bigger, not weak lending or access to cash.
- That said had the banks failed I think it would have been far worse than CW assumes. /1

- The GSE being public is a great success and should remain so.
- From consolidating FHC regulatory regimes (outlawed under GLB) and forcing derivatives into clearing (which centrist Dems stopped in the 1990s) Dodd-Frank is a major "structural" reform. /2

- The conceptual line between investment banking and deposit banking, if it ever made sense, absolutely doesn't after the crisis, and instead of drawing a line between the two we should harmonize them.
- Hey man, nice shot on SIFI designation as a regime but it didn't work. /3

- FSOC didn't get enough credit for forcing MMMF reform; good job there.
- @ddayen's book is really good on the ground outside, but historians need to get inside why Obama buried anti-foreclosure action and foreclosure fraud investigation. Good luck getting those archives tho. /4

- What still sticks with me is the genuine bureaucratic lengths Geithner and crew were willing to go for things like #PPIP (Google that dumpster fire, unconnected to the immediate panic) and the "well our hands are tied!" on the 5 million foreclosure front. A bad legacy. /fin