Is the political pendelum about to swing back?
April 4, 2008 7:40 pm Culture, Economics and FinanceThe financial earthquake that has been rumbling on Wall St. since last year, finally made its presence felt amongst the non-financial chattering classes this year, as zeros disappeared from their trust fund cheques. It is hard to believe that they are willing to help the uber-rich on Wall St. by providing recourse to public funds and are even willing to buy them a Dalwhinnie to ease their pain. Is this madness the end of the Conservative period that began with Reagan and Thatcher?
Inflection points are accompanied by hubris and your correspondent recalls essays such as “Japan That Can Say No” when Japan was at the height of economic power in the 1980s. Similarly one sees essays of that nature from Conservative thinkers, viz. The Disgrace of Liberalism.
The laments against deregulation can be found in several places, with some Conservatives adding their voices to chorus from usual suspects. One would be wise to note who is sharpening their claws before jumping off the cliff. It is none other than the socialist and wannabe intellectual, Geoge Soros, whose important in the Obama campaign is such that he is always given a prominent place in any of his political gatherings. In a recent article he clarifies some points relating to the proposed regulations that some are so eager to adopt.
“Since I’m designing these regulations, they would not hurt me,”‘ he said.
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Arran Gold
Dalwhinnie :
Date: April 7, 2008 @ 9:40 am
Nothing leaves me with a greater sense of not knowing my ass from my elbow than to discuss financial markets with the master, Arran Gold. Nonetheless, the question arises in any discussion of the state of markets and how they got there is whether excessive deregulation has occurred. And having seen some of the bureaucratzed mess that Sarbanes-Oxley has created I have great trepidation in proffering any advo
ice as to how this situation might be corrected, or even if it needs to be.
I will come back to first principles. In the domain of the real, we have to ask ourselves whether the facts are in conformity with our theories. In recent market events such as the sub-prime implosion, it is quite evident that everyone conspired to get to this mess. Whether greater or more intensive regulation would have prevented it is an open question. Lest anyone thinks I defer to Soros in this, I don’t. He is a communistical subverter of freedom. My guiding light is people like Ben Stein.