How to kill an economy

In an effort to make finance "boring" again, Obama's new regulations will prop up the biggest institutions and put roadblocks in the way of newcomers. They may also provide an opening for conservatives.

There was a saying in Silicon Valley in the 1990s: "The thing that makes America the greatest country on earth is that it is the only place where you can borrow $100 million without owning a suit."

Borrowing even fifty dollars is a lot tougher these days than a decade ago, suit or no suit. But as the U.S. economy struggles to recover, we all have an interest in preserving the innovation, dynamism, flexibility and creativity of the financial sector.

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David Frum is editor of FrumForum.com and the author of six books, including most recently COMEBACK: Conservatism That Can Win Again. In 2001 and 2002, he served as speechwriter and special assistant to President George W. Bush. In 2007, he served as senior foreign policy adviser to the Rudy Giuliani presidential campaign.