We need more of what Romney doesn’t want: People opening up banks in their garages!
Romney is right that finance needs regulation. He is wrong that such regulation should preclude new entrants: i.e., the garage bankers.
He didn’t think it through; the answer is more inconsistent than wrong.
People want to know: would you let big banks fail, or not?
Nicole Gelinas is a contributing editor to the Manhattan Institute’s City Journal.