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Economic Witch Hunt

Interesting discussion:

"The political establishment is embracing a time-honored response to the nation's economic turmoil. It's going on a witch hunt.Politicians of all stripes worry that improper trading by short sellers has contributed to turmoil in the stock markets. And "excessive" oil traders have replaced oil-company executives -- themselves twice keelhauled by congressional committees this year -- as the bogeymen behind the run-up in gas prices.  For Washington veterans, the sharpened attacks are the incarnation of a standard political trope, one found especially in election years"

Source:
Economic Woes Get a Fix: Witch Hunt
GREG HITT
WSJ, July 19, 2008; Page A3
http://online.wsj.com/article/SB121642556479566791.html

Sunday, July 20, 2008 | 03:30 AM | Permalink | Comments (4) | TrackBack (0)
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Comments

Throw The Speculator Down The Well

in My Country There Is Problem,
and That Problem Is Economy.
the oilmen takes all our money,
and so the US is too poor.

throw Economy Down The Well
so My Country Can Be Free
we Must Make Economy Good
then We'll Have A Big Party

in My Country There Is Problem
and That Problem Is The Speculator
they Take Everybody Money
and They Never Give It Back

throw The Speculator Down The Well
so My Country Can Be Free
you Must Grab Him By His Horns
then We Have A Big Party

if You See The Speculator Coming
you Must Be Carefull Of His Teeth
you Must Grab Him By His Money
and I Tell You What To Do

Posted by: JC | Jul 19, 2008 8:07:44 AM

"...these are not easy issues to talk about with voters..."

maybe it's time to consider them citizens... not voters, not consumers.

Posted by: mysterious eggs | Jul 20, 2008 4:37:05 AM

Until Wall Street looks in the mirror and admits to the fact that it was partly (and mostly in my view) to blame for the financial mess we are in, everybody's gonna blame traders, analysts, hedgeies, bankers, brokers, front runners, risk managers, academics et al. Securitization is good for the economy but we might not be as good at measuring risk as we think we are.

Posted by: rick | Jul 20, 2008 7:24:24 AM

Haven't Naked Puts been illegal all along? If so, then why in the hell hasn't the SEC been doing their fucking job?

What Chris Cox did was no different than an exhausted mother saying "Boys...Boys, stop doing that or I am going to send you to your room!"

If it is illegal then why have they not been prosecuting (not only the investors) but the Brokerages who choose to participate?

That's a large part of what is wrong with this Country. Laws are written and then largely ignored! If we would enforce existing law, we would all be a lot better off. If not, then get the law off the books.

Posted by: BG | Jul 20, 2008 8:46:28 AM