Brian Lawson wrote: > -- > Brian > > On Oct 10, 2008, at 3:51 PM, Mark wrote: > >> 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..... >> > > At a more measured pace rather than rushing headlong over the cliff in > the unrestrained chase for wealth and undeserved riches? > Who defines what is deserved/undeserved ? We all love trahing janitors. life without 'em sucks.
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