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By David Keene
Conference showed that the values Reagan cherished still endure
Topic - Stephen Cecchetti
Commenting on America's "fiscal cliff," Jay Leno observed, "It's 4 a.m. for our economy, and Lindsay Lohan is behind the wheel." Just a few days before Jan. 1, there is no solution in sight, and both sides of the debate seem deeply entrenched in their positions.
Global policymakers insist that the Federal Reserve's failure to implement new banking rules on time is nothing to worry about, but critics of the international plan to strengthen the financial system say this is evidence it's falling apart.
In fact, most banks are in "good shape" and are already prepared for Basel III, he added.
"In the case of many banks, they already meet the 2019 standards, so they don't have to do anything," he explained. "This is not an issue."