This morning on CNBC Governor John Corzine (D) of New Jersey blamed the current crises in the market on what he called the "laissez faire" mood of regulation which we have seen "over the past decade." (Video below). Does he even believe this stuff? Lehman Brothers, like Bear Stearns and others was basically lobotomized by Corzine’s former colleague Eliot Spitzer, who severed communication between the research divisions of these firms from the trading operations. He did this in the name of "conflict of interest." Who’s interest was served by severing the higher brain functions of these firms from the rest of the nervous systems? With one populist fell swoop, allegedly designed to make Wall Street safer for investors, Spitzer made it dumber.
Click the link below to view the entire article.
Monday, September 15, 2008
Debunking Laissez Faire Lehman
Jerry Bowyer, who will also be on the local radio airwaves at 3:30 pm today, Monday, on 1360 AM, as the new program begins, sent this: