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.
Yet he stuck up for community banks, which would be closer to garage-bankers than to the too-big-to-fail banks.
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?
Santorum will pick up some points tonight on this one, as neither Romney nor Gingrich gets it.
Nicole Gelinas is a contributing editor to the Manhattan Institute’s City Journal.