Hitting Them Where It Hurts
May 26, 2010 2 Comments
Wow – the ISDA chairman comes out swinging:
Naked-Swap Ban Is Misinformed Assault on Markets
Ballsy. If there’s one thing we know politicians and regulators (and folks who cheer them on) don’t like being called, it’s misinformed (or equivalent). That’s because politicians and high-level government bureaucrats, and the lay people who like to cheer on the power grabs of the former, are very fond of their self-images as Smart People.
The Chairman of ISDA just basically called them ignorant and said they don’t know what they’re doing. He’s 100% correct of course, but that is NOT going to sit well with the egomaniacs we call our leaders and representatives. Don’t be surprised if some sort of scandal comes out surrounding this guy. Coincidentally, of course.
You’re suffering under the impression that they want the economy to improve. George Soros will do just fine though,
Rest assured, I have no illusions that politicians want the economy to improve. What politicians want is to be important and powerful and glorious. There are some isolated cases where a politician may see that goal as meshing with genuinely improving the economy, but they are rarer than one might think.
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