There's an article about derivatives and their place in the current Big Shitpile in todays NYTimes, <http://tinyurl.com/3v3ujf> and there's a passage in there that kinda sums up in very real sense how we got where we are, while discussing Alan Greenspan's insistence on not regulating the derivatives market:
"In [Greenspan's] Georgetown speech [last week], he entertained no talk of regulation, describing the financial turmoil as the failure of Wall Street to behave honorably. βIn a market system based on trust, reputation has a significant economic value,β Mr. Greenspan told the audience. βI am therefore distressed at how far we have let concerns for reputation slip in recent years.β" Reputation may very well have some market value, but clearly greed and profit had higher ones. He's CLEARLY no student of history, or else he would have realized that the reason those regulations were in place was that Wall Street could NOT be counted on to behave 'honorably', and in fact had led us into this very kind of mess in the past. -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/StrataList-OT?hl=en -~----------~----~----~----~------~----~------~--~---
