Well Functioning Markets
“My first instinct was to let the market work, until I realized … how significant this problem became.”
A year ago, many investment banks were having their most profitable year ever and the geniuses on Wall Street were making enormous bonuses. The profits were being generated by effectively buying, packaging, repackaging, and selling excrement. Now that just about everyone realizes the excrement is, in fact, what it looks and smells like despite the smooth talk from the geniuses on Wall Street, its value has dropped to zero.
Put another way – the market wasn’t working for the past few years when excrement was selling for a lot of money. It is working now that excrement is selling for a price commensurate with it being excrement. True to form, when the market was not working, GW looked the other way. Now that, at long last, we have well functioning markets, GW is demanding we act now! now! now! to kill it, and true to form, he’s managed to convince a bunch of crongresscritters to go along.
I can’t stand it.
(This is a great way to re-frame the notion of what markets were doing the last few years to the present…it is rather upside down from the advertised notions of markets…rdan)