Simplistic? SIMPLISTIC! Boy Carter, do you have that wrong. What I gave you was a case study of political mismanagement for the ages. Markets are not Topsy, Carter. They just don't, "Done Growed." They emerge for a reason or reasons and yes, the availability and employment of capital are vitally important. But what you forget is that markets the size and depth of what we have seen here in the U.S. are not supplanted in the space of 15 years without their own, active participation in the process. We have, as an old, old friend put it, been "arguing over who gets the white or the dark meat after we killed the goose," rather than asking ourselves why we killed the bird in the first place.
We as a nation did and are doing everything we possibly can to insure that the process is completed. We are in a rush to insure the demise of our financial industry in the shortest space of time. And, as The Leader likes to say, let me be perfectly clear: The Captains of this industry bear no little blame for what they have done to aid the process. Operating in a highly regulated environment these geniuses stood upon the raparts and vitually shouted, "Hey, shoot me!" And get shot they did. Oh sure, they made a lot of money for themselves but what legacy did they leave? Remember Charlie Sanford, one of the smartest guys out there and the Chairman of Bankers Trust? Charlie's bank gets fined $80 million whilst narrowly avoiding a criminal conviction, and all he can say is, "$80 million is really not meaningful to us." Arrogance unsurpassed at the time but mere child's play compaired to what came later. For the politicians, it was like shooting ducks in a pond.
We'll talk more about this next week but here's a thought which I think is appropriate for a holiday weekend that in it's very title, demands reflection. Everyone in this business, in institutions so vital to the well-being of the world's economies and its people should pick up a copy of the works of Shelley. You know where I'm going. Ozymandias. It should be required reading.
Have a great weekend
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