[Subscription Required]  When the latest jobs report comes out Friday, look beyond the top-line number. For months now economists have suggested that the low unemployment rate—4.1% as of last month’s report—implies that America is at or near full employment. Yet the labor market is still below its pre-recession peak, with about two million jobs missing. Many of those workers have joined the disability rolls. Others have simply dropped out of the workforce in favor of leisure time.

Financial crises come from bank runs. An innovative way to prevent bank runs is to use equity-financed banking. Equity-financed banks would replace debt with equity as their method of financing and back up all deposits with liquid assets like Treasury bonds. Since it would not hold any debt, bank runs would become a thing of the past.

Hoover Institution fellow Adam White discusses the Consumer Financial Protection Bureau, its controversial history, and former CFPB Director Richard Cordray.

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The Need for Entitlement Reform.