Look Me in the Eye When You Say That

In July 2008, on the eve of the Republican and Democratic national conventions, Paulson released a prospective blueprint for U.S. regulatory reform, which included such suggestions as the merger of the futures and securities regulators, and federally chartering "systemically important" payment systems, among other ideas. Sounds familiar, doesn't it?

Of course, when Paulson released the blueprints, he was discussing a time frame of years to roll out the suggestions. Now, however, it seems like the

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