Tuesday, April 27, 2010

Government, Goldman and Gotcha!

David Brooks explains the bubble, Wall Street, the Washington Herd and the proposed regulation reform.

A snippet:
The premise of the current financial regulatory reform is that the establishment missed the last bubble and, therefore, more power should be vested in the establishment to foresee and prevent the next one.

If you take this as your premise, the Democratic bill is fine and reasonable. It would force derivative trading out into the open. It would create a structure so the government could break down failing firms in an orderly manner. But the bill doesn’t solve the basic epistemic problem, which is that members of the establishment herd are always the last to know when something unexpected happens.
Read the whole thing.

6 Comments:

Blogger /mr said...

And Doghouse Riley eviscerates the inanity that Brooks represents.

http://doghouseriley.blogspot.com/2010/04/kabuki.html

Brooks is a complete idiot, convinced that some centrist world out there exists where the sky is always blue.

April 28, 2010 at 12:00 PM 
Blogger Spencerblog said...

A complete idiot? And inane as well.

Well, that must make /mr and Doghouse Riley significant geniuses.

Tell us all, is there some left-wing world out there where the sky is always blue?

April 28, 2010 at 1:17 PM 
Blogger /mr said...

Safe to assume that you equate the occupancy of relevant real estate in the dead tree media with significant erudition? Predictable. Brooks is right up there with other luminaries like Freidman, Dowd, and anyone who writes for Fred Hiatt. You should get out more.

April 28, 2010 at 3:29 PM 
Blogger Spencerblog said...

You assume wrong, but what else is new.

So you can't stand Friedman, Hiatt and the Dowd crowd and you think that makes YOU special?

If being a centrist makes you a complete idiot. I guess being a right-winger makes you a complete idiot x 2.

And being a left-winger makes you a significant genius who gets out quite a bit... at least on the Internet.

April 28, 2010 at 4:05 PM 
Blogger /mr said...

The point is that it is neither left nor right, but the absurd Brooksian notion that there is some idyllic solution in his head and that the world should really just get in line and reflect that. It's the same thinking that believes that if only the administration would concede a bit more to sanctimonious pricks like Huckleberry Graham and Holy Joe Lieberman, we'll all sing Kumbiya together, when the reality is that the GOP is bereft of ideas, beholden to the teabaggers and will never cast a vote in favor of any initiative embraced by the dusky Kenyan who has usurped the White House.

April 28, 2010 at 4:11 PM 
Blogger Spencerblog said...

Those initiatives being all left of center and there being nothing arrogant or sanctimonious about Barack "I have a Gift" Obama.

April 28, 2010 at 5:42 PM 

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