When a Politician Praises “Efficiency,” Hang on to Your Wallet (Financial Reform Headfake Edition)
A fair bit of ink has been spilled on the idea that what is often called “innovation” in financial services is a fancy way of saying “extortion racket.” I was cheered when Paul Volcker put the ATM on his list of banking innovations and seemed unable to come up with anything worthwhile since then. Similarly, Martin Mayer described innovation in banking as using new technology to do that which was forbidden under the old technology. A related bit of NewSpeak is “efficiency.” Businessmen will oft