Friday, March 21, 2008

The Cone Project for 3-21-08: "Regulation Today, Regulation Tomorrow, Regulation Forever!"

Cone provides links to several of most odious financial "wizards" of the Left in order to prop up a case for what would amount to imposing New Deal-type controls over the economy.

Although I doubt she reads Cone, Megan McArdle undoubtedly is familiar with the tired old wrong-headed rhetoric of Frank and Krugman.

Key points:

"Liberal commentators hope the current crisis will lead to a reflowering of the regulatory and redistributive powers that grew out of the Great Depression.:

"The key piece of information about all these securities was that by 2005, the subprime market involved many criminally stupid loans. And that knowledge was freely available in every newspaper in the country."

"Many of these complex securities were created to get around previous regulations. Taking away the punch bowl doesn't do much good if the guests just drive to another bar."

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