To the Editor:
There is much to laud in Ian Trupin's '13 article in The Herald ("A case for community investment," Oct. 25) about the Oct. 12 Occupy teach-in at Brown, but it would be nice if his representation of my views were reality-based. He writes, "The entire room listened with rapt attention as Levine advised more regulation."
But this is exactly the opposite of what I said — and what I have been arguing for years. Indeed, my remarks have been posted online since the teach-in, as I have informed several Herald reporters. Here is what I said:
"But, the problem is not too few regulations. The problem is not too few regulators. And, the problem is not too little regulatory power. The problem is that existing regulatory agencies do not use their ample powers properly. The problem is that our institutions do not adequately compel financial regulators to work for us."
Trupin's well-written, impassioned article makes excellent points, and it is of course appropriate for him to criticize how I chose to spend my five minutes and the arguments that I made — many people do. But it is inappropriate to misrepresent my views so starkly.
Ross Levine
Professor of Economics
