The next financial crisis could be caused by something weird, like a cyberattack to wipe out or alter banking records at a large (or even medium-size) bank. The opportunity cost of the old debate about deregulation is that our public agencies can't think about new kinds of risks.
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Replying to @matthewstoller
I'm certain they've thought of that one (in fact it's even mentioned in the 2013 PRG post-Snowden report).
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Replying to @emptywheel
Yes, parts of the government have thought about this. Do bank regulators have a resolution plan when this happens? Is the FDIC liable for insuring bank deposits about which it has no information?
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Replying to @matthewstoller
You presumably know the answers better than I, but I'm more confident in the former than the latter.
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Replying to @emptywheel @matthewstoller
But $$ intel's compartmentation from the rest of the IC is problem for many reasons, including that no one oversees Treasury's IC functions that well.
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Replying to @emptywheel
Politically segmenting off commerce from national security has opened up massive vulnerabilities.
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