Times have changed

Remember the good old days, when economists used to write papers about how firms — most of all public utilities — would under-report profits, to minimize regulation and control?  These days we have firms over-reporting profits to minimize regulation and control.

(As an aside, Wells Fargo was the most responsible of the major banks, so we shouldn't regard the profit report as a complete lie or illusion.)

We also have economists saying that banks should essentially be turned into public utilities.

And the major regulator is saying the firms shouldn't be reporting so much at all.

Times indeed have changed.