Financial engineering of the type Mitt Romney represents is not going to fix our problems -- it is what got us into this godawful mess.
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If it's "their" money, shouldn't they be rewarded for saving by being able to buy what they want? Er... no. We wouldn't allow our kids to buy endless amounts of tooth-rotting candy, would we?
Why isn't one of the pillars of emerging financial regulatory reform the institution of a "Black Swan" test that examines new financial product innovation and subjects it to some form of systemic risk consequence test?
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