Well I'm not Dean, but one possible answer is that there is less potential profit in shorting at an earlier stage in the bubble.
Dean supports a financial transactions tax, but he would argue I think that if you have people speculating on the long side, you ought to have a countervailing force to forestall bubbles and the ensuing damage to employment and incomes. >>>>>>>>>>>>> It is a bit surprising to see Dean Baker write in praise of speculators. That said, how does Baker's theory explain the mysterious absence of short-sellers earlier in the bubble cycle? In other words, how did these insightful people allow the bubble to inflate to such monstrous proportions in the first place? -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
