We have learned, painfully, of the damage derivatives can do to an economy in a financial crisis. But derivatives are hurting the economy even on its ...

To get our economy back on track, we need to stop dreaming that innovation is purely a self-financing private-sector game and start paying for the innovation we need. Either that, or we're not going to get the economy we want.

Depending on who you ask, regulation is either a hindrance to the global economy or our only hope against global economic collapse. Safe to say Larry ...

Amazingly, Mr. Geithner made no reference to the Volcker Rule, either explicitly or even implicitly -- despite the centrality of this idea to the rece...

In recent years, most of the consumer financial innovations have been largely about getting ordinary people to borrow at pricing structures that they don't completely understand.

Brookings economist Robert Litan put out a lengthy paper defending the major financial innovations of the last four decades. He makes some good points, but he presents a very incomplete picture.

Innovation is the strength of America. But over the past several decades financial innovation has focused on mathematical models rather than on a vision of improving the country and people's lives.

Bankers created "negative value" with innovations such as mortgages that homeowners couldn't afford, said Nobel laureate Joseph E. Stiglitz, who is sp...

Last September, in arguing against passage of the Emergency Economic Stabilization Act that created TARP, I hedged: Government action is absolutely n...

Most financial innovations for consumers tend to be ways to fatten profits for financial service providers by rendering simple products more complicated. They usually only cater to fear and greed.

The current recession has stoked deep-seated fears about a declining middle class. A great collective anxiety about such a decline has been floating a...

Former Federal Reserve Chairman Paul Volcker delivered a jarring message to high-level bankers and regulators at an exclusive meeting in Sussex, Engla...

Banning any derivative product that the average public official can't understand represents a financial innovation with promise.