Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
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Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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Feb 09 2009 11:17am EDT
Why We Need Federal Insurance Regulation Now
Rolfe Winkler has a great post on Allstate's finances today, which underscores two things: the urgency of massive regulatory overhaul in the financial sector, and the necessity of including insurance companies under the unified financial-services regulatory umbrella.
Unless and until that happens, companies like Allstate will go regulator-shopping (the state of Illinois seems pretty well-disposed towards them) and bad insurance will drive out good. And then, eventually, when there's a big insurable disaster, we'll all be shocked -- shocked! -- that Allstate isn't able to use deferred tax assets, and other "capital" of dubious real-world worth, to pay out on its policies.
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