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> What a fantastic way to ensure that only The Right People (TM) can make money off of anything To be fair though, this is why the regulators exist. And they'v
by anfogoat 6y ago
> What a fantastic way to ensure that only The Right People (TM) can make money off of anything
To be fair though, this is why the regulators exist. And they've got their post government careers to worry about so they will have to do something behind this supposed calamity. But don't worry, like the owner who crams their cat into a brightly colored sweater, they're doing it to protect you.
- bsanr2 6y agoThis argument is equivalent to supporting the IRS going after small-time tax cheats because the big boys - with billions in public revenue lost by their fraud every year - are "too difficult" to prosecute. Regulators exist to prevent the most dire threats to a system - the system being the American economy, not simply financial markets (and their profits). They should act like it. If a crisis manufactured by Wall Street hubris and capitalized upon by retail traders functionally crashes the system by way of a massive wealth transfer, so be it. Regulators should be concerned with the setting up of the earthshaking domino set in the first place, not with taking a chainsaw to the hand that goes to knock everything over.
- codecamper 6y agoNot really. It's about removing leverage from the system.