{"id":4464,"date":"2008-09-16T07:31:20","date_gmt":"2008-09-16T14:31:20","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=4464"},"modified":"2009-03-06T18:55:29","modified_gmt":"2009-03-07T01:55:29","slug":"no-sharks-allowed-the-predictable-consequences-of-government-regulation-of-the-financial-markets","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4464\/no-sharks-allowed-the-predictable-consequences-of-government-regulation-of-the-financial-markets\/","title":{"rendered":"No sharks allowed! The predictable consequences of government regulation of the financial markets"},"content":{"rendered":"

I wrote this for No Treason<\/a> in July of 2002:<\/p>\n

This morning’s New York Times<\/em> has a curious piece<\/a> on Alan Greenspan’s recent denunciation of greed.<\/p>\n

The article consists of a series of quotations from Ayn Rand and from Greenspan in the days when he was incontestably in the Randian camp. On Usenet I wrote:<\/p>\n

Well, I had wondered when someone here was going to remark upon Greenspan’s denunciation of greed, but I thought the article itself was very good. I expect the Times<\/em> thought that merely quoting those texts was damning enough, but I thought they were nice selections. It would have been nice to point out that these events are the consequence not of capitalism but of our fascist mixed-economy, of Orren Boyle, not Hank Rearden, but I think the Times<\/em> may have done its own cause more harm than good.<\/p><\/blockquote>\n

But wait. There’s more. The Times<\/em> quotes Rand as saying “I make mincemeat out of the kind of businessman … that runs to government for assistance, subsidies, legislation and regulation.” Precisely what kind of corporate executive — not businessman — do they think has committed these awful crimes?<\/p>\n

Does the New York Times<\/em> think that the securities market, the sine qua non<\/em> of these scandals, is free?<\/p>\n

A year or two ago, conservatives were rejoicing that half or more of Americans were now ‘capitalists’, owners of the means of production, either directly or through retirement plans or mutual funds. Now that the New York Times<\/em> is lamenting the sad fates of these — call them by their right names: Indiscriminate, uninformed, degenerate gamblers — is anyone happy to have the nation’s capital in the hands of such cry-babies?<\/p>\n

Does the New York Times<\/em> honestly believe that ordinary people should own securities? Does the New York Times<\/em> believe that anyone who would gamble his retirement savings on the most volatile of stock issues should be pitied for suffering the predictable consequences of what Greenspan calls “infectious greed”?<\/p>\n

Back when he was young and admirable, Alan Greenspan wrote that going off the gold-standard “put a penny in the fuse-box” of the American economy. Actually, the old and tired Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

I wrote this for No Treason in July of 2002: This morning’s New York Times has a curious piece on Alan Greenspan’s recent denunciation of greed. The article consists of a series of quotations from Ayn Rand and from Greenspan in the days when he was incontestably in the Randian camp. On Usenet I wrote: […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,26],"tags":[],"class_list":{"0":"post-4464","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-lending","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":16346,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16346\/zero-hedge-presenting-the-housing-bubble-2-0\/","url_meta":{"origin":4464,"position":0},"title":"Zero Hedge: “Presenting: The Housing Bubble 2.0”","author":"Greg Swann","date":"April 30, 2013","format":false,"excerpt":"Tyler Durden:It was just seven short years ago that the prices at the epicenter of the housing bubble, Los Angeles, CA rose by 50% every six months as the nation experienced its first parabolic move higher in home prices courtesy of Alan Greenspan's disastrous policies: a time when everyone knew\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1962,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1962\/is-greenspan-to-blame-for-the-housing-crisis-and-if-he-is-is-this-entirely-a-bad-thing\/","url_meta":{"origin":4464,"position":1},"title":"Is Greenspan to Blame for the Housing Crisis? And, if he is, is this entirely a bad thing?","author":"Greg Swann","date":"September 23, 2007","format":false,"excerpt":"The second half of a US News dyscomium on Alan Greenspan's Fed:The global spread of capitalism has increased inflation-dampening competition throughout the world and allowed investors to accept lower yields when investing in bonds. What's more, globalization has boosted incomes, in Asia and beyond. That has expanded the pool of\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2576,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2576\/folk-music-blame-and-fundamental-solutions\/","url_meta":{"origin":4464,"position":2},"title":"Folk Music, Blame and Fundamental Solutions","author":"Mike Farmer","date":"February 7, 2008","format":false,"excerpt":"A block from my office on one of the squares there's this guitar player and singer\u00a0sitting on a bench providing folk music for the passersby. It's not music I'd actually go out and buy (probably why he's playing from a bench in the square), but its good in its environment.\u2026","rel":"","context":"In "Realty Reality"","block_context":{"text":"Realty Reality","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/realty-reality\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17311,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17311\/overnight-news-if-feminism-were-about-women-instead-of-marxism-amy-coney-barrett-would-be-its-god\/","url_meta":{"origin":4464,"position":3},"title":"Overnight News: If feminism were about women instead of Marxism, Amy Coney Barrett would be its god.","author":"Greg Swann","date":"October 14, 2020","format":false,"excerpt":"What's on your notepad? Housing Wire: Luxury home sales rise 41.5%, making biggest jump since 2013. CNBC: Mortgage rates set yet another record low, but applications fall. MyMove.com: Coronavirus Moving Study: People Left Big Cities, Temporary Moves Spiked In First 6 Months of COVID-19 Pandemic. Temporary move or buy-and-bail? The\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3556,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3556\/the-new-real-estate-model-part-2-super-teams\/","url_meta":{"origin":4464,"position":4},"title":"The New Real Estate Model – Part 2: Super Teams","author":"Sean Purcell","date":"July 30, 2008","format":false,"excerpt":"In Part 1, I discussed the concept of Disbrokeration; some of its causes and effects. When I originally wrote about Disbrokeration I thought I had a pretty good idea what the next iteration of the industry would be: Super Teams.\u00a0 This type of development is not new and successful Super\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11949,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11949\/mastering-the-art-of-active-listening\/","url_meta":{"origin":4464,"position":5},"title":"Mastering the Art of Active Listening","author":"Alex Cortez","date":"May 8, 2010","format":false,"excerpt":"It takes much more to be a participant in a discussion than to just spout off opinions. To some, being a good communicator means being able to speak in public or BS'ing your way through a conversation. 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