But Roosevelt and Churchill would have saved us from the dumb bank regulators.

Sir, Edward Luce, in “The worst is still ahead for Obama’s chief firefighter” May 28 writes “If there’s just Roosevelt and Churchill sitting in a room with a brandy, that’s an easier negotiation” 

Absolutely! And this is what these two great gentlemen would say. 

“Franklin, why do we not get rid of this stupid bank regulations they sold us as being able to control for the risk of default, and which has only brought us obese bank exposures to what was officially perceived as absolutely not risky, generating so many losses in lousily awarded mortgages disguised as splendid triple-A’s, lousy loans to Icelandic banks, lousy bank loans by the Spanish banks to the real estate, lousy loans to a Greek government?” 

“Indeed dear Winston, and to top it up, as I believe you call it, they also hindered our banks to give loans to our “risky” small businesses and entrepreneurs, and which you and I know are the ones most likely to take our nations forwards”… and so… 

“We, Franklin Roosevelt and Winston Churchill, in order to save the Western world, knowing that risk-taking is the oxygen of any development, hereby decree the closure of the Basel Committee for Banking Supervision and the expulsion, forever, of their silly wimpy nannies. We also declare substituting immediately a Financial Functionality Board for a purposeless Financial Stability Board”