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Red tape constraining trade in services, international investment and public procurement has been snipped away.
But there is a smarter approach to Iran: Instead of constraining trade, throw it open.
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"It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade," Mr. Greenspan writes.
But Mr. Obama is constrained by trade agreements, Nafta included, and a commitment that the United States joined at an emergency meeting of the world's 20 largest economies in Washington in October.
In 2009, the State Department pressured its delegation to the Australia Group, the 40-nation organization aimed at stopping the spread of chemical weapons, to push harder to constrain such trade.
But CIP also worked on a peaceful denouement to the Korea crisis, on constraining the arms trade, and numerous other hard-to-crack issues.
"I suspect John Thain has no choice but to constrain the trading business pretty tightly".
Regulators have faced a barrage of complaints from lawmakers and financial industry lobbyists in their 14-month-long quest to constrain risky trading on Wall Street, an effort known as the Volcker Rule.
Whereas currency, banking, finance, loans, and economic planning had been influenced by accords with France and by French personnel in government, commerce, and technical assistance, the emergent military regime replaced the already constrained free-trade economy with one whose goal was to achieve "a socialist paradise under divine protection" by the year 2000.
There had been talk about how the statute of limitations might constrain the trades prosecutors could use, but the wire and securities fraud provisions allow evidence of conduct outside the limitations period so long as there was at least one act within that period.
Wall Street hit a rough patch Thursday, as shoddy earnings from a major U.S. automaker, a jump in jobless claims and further weakness in housing constrained early trading.
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