We could be rational about short selling and listen to Michael Lewis, or we could just go along with SEC Chairman Chris Cox and make things difficult for short sellers. Unlike the Chinese, who now, it would appear, seem determined to allow more freedom in their capital markets than we do in ours.
I really, truly, deeply detest the idea of agreeing with John McCain about anything, but he's right about Cox: the man should be fired. Of course, being John McCain, he's right for the wrong reasons. Cox should be fired as head of the Securities and Exchange Commision because there shouldn't be an SEC in the first place. But Johnny Mac will never employ such reasoning, because Johnny Mac doesn't have much room for individual liberty in his worldview.
Of course, arguing in favor of individual liberty would probably imply agreeing with this guy, but he's an Objectivist and a successful banker so that, of course, will not do.
And check out this language from Associated Press writer Deb Riechmann: "Squabbling reached new heights this past week over President Bush's proposed $700 billion bailout — "rescue plan" the White House likes to call it — of tottering banks and financial institutions holding devalued mortgages."
Sqabbling? Over the prospect of spending at least seven hundred million dollars and essentially nationalizing the financial industry in the United States? That's "squabbling?"
You know what, Ms Riechmann? I am sick to Christ of ideological disagreement routinely disparaged as "sqabbling." I am become possessed of the need to campaign for banning the worlds "bipartisan," "extreme right wing (is there no extreme left wing detectable anywhere in American politics?), and, yes, "squabbling." Is there really no conceivable way, even among politicians, that actual disagreement over policy can occur? But no: "professionals," who "report" on political elections, who routinely ignore political philosophy and any semblance of awareness of economics, would prefer to concentrate on the horse-race aspects of each contest, and we citizens, thus, get to see all dissent referred to as "squabbling."
Thank you so very, very much, to all of the Deb Riechmanns and Associated Presses of the world. You do so much to illuminate our times.