Bruce Johnson wrote: > 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. > > except how will we move forward if we are constantly held back ? Think Clockwork Orange.....
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