In case you missed the interview on 60 Minutes tonight (here), Christine Lagarde, managing director of the IMF, made a number of interesting statements: (1) Compensation in the banking sector is "obscene," (2) the banking sector needs more regulation since it is capable of doing so much damage, (3) my brand is "truth telling." Lagarde was a noted antitrust and labor lawyer (read her biography here). Her economic philosophy is described as "liberal," but from her comments I would say she was a pragmatist. One can only hope that having someone who was not trained as a neoliberal economist at the head of the IMF might make a difference in how the institution conducts itself. Time will tell.
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