Here’s an interesting excerpt from Ezra Klein’s interview with Larry Summers:
EK: What about ideas to simply speed up the regulatory process during downturns?
LS: This could be very important. Harvard built a whole football stadium in the 1890s with less than two years from the idea’s conception to the stadium opening. That kind of thing does not happen today. My attitude is we probably slow things down unnecessarily with our various approval processes. So I’m sympathetic speeding the regulatory process during recessions. But I have to be honest and say my enthusiasm for reducing regulatory processes in recessions is in significant part a reflection of a more general concern about regulatory delays.
(Hat tip to William Hoffman)