Pomerleano: scorecard on financial reform package

Michael Pomerleano is a Harvard classmate who is now advising the Bank of Israel. His article yesterday in the Financial Times Economists Forum cautions that we have much work yet to do. Money quote:

There is a considerable disconnect between the stern principles enunciated by policymakers and their actions. Recently Jacob Frenkel made an astute observation: there are two types of investors: the ones with short memories, and the others with shorter memories. To that we need to add two set of policy makers as well. We are back to business as usual. How disappointing!