Is Risk Evil? Depends, Are You Formerly An Extended Member Of The Carter Administation?

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If Woody had just gone to the policeonly we hadn't let those pesky NYSE members incorporate, none of this ever would have happened.
I do so love the pundits who yearn for the good 'ole days when inflation was inflation and bankers were scared. The self-delusion that somehow we can do without the separation of ownership and control in financial firms and still have a globally competitive banking system is nothing if not a bit of "when I was your age" self-indulgence. So when the likes of Peter J. Solomon suggest that somehow "unlimited capital" (and where can I find that?) and a lack of "personal liability" have combined to assure "...the country's goin' to hell faster than when that son of a bitch Roosevelt was in charge. Too much cheap money sloshing around the world. The worst mistake we ever made was letting Nixon get off the gold standard," well, it is difficult not to smile gently and say "isn't that quaint?" Until you realize it is an election year and someone might just be listening seriously to such rantings. Now that's scary. Well, since it's in the New York Sun, maybe not so much.
Let Losers Lose [NY Sun]

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