We need more cliffs. This one seems to have been postponed:
While taxpayers wonder if Washington is going to throw them off a cliff of scheduled tax hikes, another potential economic calamity has been postponed. On Friday … Federal Reserve, Federal Deposit Insurance Corporation and Comptroller of the Currency issued a joint release saying they will no longer require U.S. banks to follow the so-called Basel III capital rules by January 1. Created by a college of global bureaucrats who enjoy meeting in Switzerland, the new rules are brought to you by the same people who encouraged banks to load up on mortgage risk before the panic of 2008.
Escape From Basel (WSJ)
