John Foley

John Foley
US credit-card crackdown will net limited rewards
The White House has claimed the move would save US consumers $9 billion in total, but they’re likely to overestimate the value of positive incentives
Bank rescue buys stability at a high price
If depositors think they’ll be bailed out unconditionally they have no need to cause a run. And if the bank doesn’t face a run, it ought to have no need to sell assets in a hurry