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Hank Paulson Not Loving The Volcker Rule

Hank Paulson is making the media rounds and yesterday it was the New York Times' turn. In a 1040-word long op-ed/sales pitch for his new book, the former Treasury Secretary argues that while financial reforms are urgently needed, Obama's Volcker Rule proposal suck and won't work.

But Hank has some novel ideas of his own: first, create a systemic risk regulator to monitor the stability of the markets and second, give the government the authority to impose an orderly liquidation on any failing financial institution to minimize its impact on the rest of the system. And who should that regulator "accountable for looking at the entire forest" be? "My preference is for the Federal Reserve to be the systemic risk because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy."
Right. Other fresh, unheard ideas that Hank outlines include addressing regulation of derivatives and the over-reliance on credit ratings agencies.
Hank, the ever happy go lucky man that he is, ends his piece reminding everyone that while the US' situation is still not that fantastic, other countries (Greece) are in far deeper shit. So, stop complaining people.