Revamping regulations

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Treasury Secretary Tim Geithner is heading to Capitol Hill this morning to outline a sweeping overhaul of federal financial regulations. Early leaks of his testimony say the plan would extend regulation for the first time to all trading in financial derivatives and to companies including large hedge funds and major insurers such as AIG. Joining us this morning to look at whether this will stop the next meltdown and whether lawmakers will pass the new regulation laws, are Dan Gross, senior editor at Newsweek and columnist for Slate and Philip Coggan, capital markets editor at The Economist in London.

"It's like we're always fighting the last regulatory war, trying to stop the last bubble from happening again. And, of course, they always find a way to create something new."
—Dan Gross, senior editor at Newsweek, on economic regulation