Economic Witch Hunt

Interesting discussion:

"The political establishment is embracing a time-honored response to the nation’s economic turmoil. It’s going on a witch hunt.Politicians of all stripes worry that improper trading by short sellers has contributed to turmoil in the stock markets. And "excessive" oil traders have replaced oil-company executives — themselves twice keelhauled by congressional committees this year — as the bogeymen behind the run-up in gas prices.  For Washington veterans, the sharpened attacks are the incarnation of a standard political trope, one found especially in election years"

Economic Woes Get a Fix: Witch Hunt
WSJ, July 19, 2008; Page A3

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What's been said:

Discussions found on the web:
  1. JC commented on Jul 19

    Throw The Speculator Down The Well

    in My Country There Is Problem,
    and That Problem Is Economy.
    the oilmen takes all our money,
    and so the US is too poor.

    throw Economy Down The Well
    so My Country Can Be Free
    we Must Make Economy Good
    then We’ll Have A Big Party

    in My Country There Is Problem
    and That Problem Is The Speculator
    they Take Everybody Money
    and They Never Give It Back

    throw The Speculator Down The Well
    so My Country Can Be Free
    you Must Grab Him By His Horns
    then We Have A Big Party

    if You See The Speculator Coming
    you Must Be Carefull Of His Teeth
    you Must Grab Him By His Money
    and I Tell You What To Do

  2. mysterious eggs commented on Jul 20

    “…these are not easy issues to talk about with voters…”

    maybe it’s time to consider them citizens… not voters, not consumers.

  3. rick commented on Jul 20

    Until Wall Street looks in the mirror and admits to the fact that it was partly (and mostly in my view) to blame for the financial mess we are in, everybody’s gonna blame traders, analysts, hedgeies, bankers, brokers, front runners, risk managers, academics et al. Securitization is good for the economy but we might not be as good at measuring risk as we think we are.

  4. BG commented on Jul 20

    Haven’t Naked Puts been illegal all along? If so, then why in the hell hasn’t the SEC been doing their fucking job?

    What Chris Cox did was no different than an exhausted mother saying “Boys…Boys, stop doing that or I am going to send you to your room!”

    If it is illegal then why have they not been prosecuting (not only the investors) but the Brokerages who choose to participate?

    That’s a large part of what is wrong with this Country. Laws are written and then largely ignored! If we would enforce existing law, we would all be a lot better off. If not, then get the law off the books.

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