|Not even remotely funny
||[Sep. 19th, 2008|09:49 am]
has begun.The blame-shifting |
And Cory doesn't get why you don't think Bush is a conservative...
He's a Robber Baron conservative.
No, the past few weeks have pretty much been socialism for bankers: private profits, socialized losses.
That's what I mean. Examine the history of the railroads or standard oil.
2008-09-19 05:38 am (UTC)
I'm confused by those articles about what exactly is going on. Is the SEC banning short selling, or just naked short selling? I don't see how they can do the former... and my understanding is the latter is a pretty shady practice anyway that they should just ban across the board...
The only reason I know the difference at all is, I just listened to an interesting piece on This American Life
about Christopher Cox and the SEC and the weird stuff that he did a few months back after Bear Stearns collapsed...
Suffice it to say that the SEC has been less than useless in dealing with the crises on Wall Street this year... guess that's what happens when the guys you put in charge of regulating the market are ideologically opposed to regulating the market.
It seems that the SEC is doing two things.
1. They are trying to ban short sells because they punish companies for doing stupid things.
2. They are establishing a narrative in which short sellers are responsible for the collapse of certain financials like Lehman Bros.
The second point I consider more dangerous because it distracts people from the appropriate target of their recriminations. In the long term it codifies a notion that the market is relentlessly positive and that the failure is the work of a few shady, pessimistic, opportunists.
The first point is just part of the regime we have established over the last 30 years, to wit that risk is public while gain is private.
so i had a waking nightmare yesterday: a poor unfortunate colleague of mine, good-hearted and loves her family, said, "well at least we can feel better they're doing something to stop gambling on the stock market."
that's right. you didn't know that. the stock market is no place for gambling.
In the South they would say "Bless her heart."
right o'! bless her heart...