SEC's Chair's Bailout Bull$%&t

Thursday, December 11, 2008 | 09:45 AM

In what I can only type with a combination of disgust and astonishment, SEC Chairman Christopher Cox blames the current crisis on the "boom-and-bust cycles" of markets.

"Financial markets, of course, are not perfect. In particular, they are susceptible to boom-and-bust cycles. Cycles of this sort have been a hardy perennial over the past 400 years of experience with organized markets. Addressing the results of these cycles is why we have protective mechanisms such as the Federal Reserve System and federal deposit insurance.

CONTINUED HERE

Thursday, December 11, 2008 | 09:45 AM | Permalink
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