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-Keith Pelczarski
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Breaking and fixing the economy
The New York Times recently ran a great two part op-ed by Michael Lewis and David Einhorn. The first part is entitled, "The End of the Financial World As We Know It" and it's followed by "How to Repair a Broken Financial World." Both are excellent reading for anyone interested in why we're in the mess we're in and what we can do to correct some of the mistakes. Among the best suggestions:Stop making big regulatory decisions with long-term consequences based on their short-term effect on stock prices. Stock prices go up and down: let them. An absurd number of the official crises have been negotiated and resolved over weekends so that they may be presented as a fait accompli “before the Asian markets open.” The hasty crisis-to-crisis policy decision-making lacks coherence for the obvious reason that it is more or less driven by a desire to please the stock market. The Treasury, the Federal Reserve and the S.E.C. all seem to view propping up stock prices as a critical part of their mission — indeed, the Federal Reserve sometimes seems more concerned than the average Wall Street trader with the market’s day-to-day movements. If the policies are sound, the stock market will eventually learn to take care of itself.Amen. The ridiculous political theater that we've seen in response to the crisis just makes me sad. It rivals the security theater that we've seen over the past seven years since 9/11 -- sound and fury, signifying nothing. I'm cautiously hopeful that with the changing of the political guard that we might make a little more progress on both. I don't think for a second that we'll see an end to political pandering, but it can't get worse, can it?
:: Keith 00:04 [link] :: ::