The River Known as Regulation
Heraclitus of Ephesus, a 6th century B.C.E. Greek philosopher, was more concerned with the physical make-up of the world than questions of ethics and morality. But he did leave us one very memorable concept: Believing the world exists in a constant state of flux and that the only thing permanent is change, Heraclitus observed, "one can never step twice into the same river."
If Heraclitus were still around he might well be one of the long line of people who will eventually take part in hearings over financial services regulation. Why? Because before new rules are created, legislators will need to take a long, hard look at the past, and whether the once sacred principles of the Glass-Steagall Act, which kept commercial and investment banking activities separated, should be resurrected in some form. Heraclitus said you can't step in the same river twice, but he didn't say you shouldn't try.
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