Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University's Graduate School of Business and co-author of the book, *The Bankers' New Clothes: What's Wrong with Banking and What to Do About It.* She joins the show to discuss her book, which argues that America's banking system continues to be dangerously fragile even in the aftermath of the Dodd-Frank Act. Anat argues that banks take on too much leverage and that they should be required to hold more equity. David's blog: http://macromarketmusings.blogspot.com/ Anat's Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/anat-r-admati David's Twitter: @davidbeckworth Anat's Twitter: @anatadmati Related: *The Bankers' New Clothes: What's Wrong with Banking and What to Do About It* by Anat Admati and Martin Hellwig http://bankersnewclothes.com/ Anat's paper, "It Takes a Village to Maintain a Dangerous Financial System" http://bankersnewclothes.com/wp-content/uploads/2016/06/Takes-a-Village-May-2016.pdf

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“What did the council decide on item 42?” — answered with the speaker and the moment.