Eugene David ...The One-Minute Pundit |
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Thursday, October 23, 2008
No, we're not going to become Japan. But there still remains the danger that U.S. regulators will overreach, forgetting that in the decades preceding the subprime disaster America's free-wheeling financiers provided boom after boom, underwriting the country's ravenous but growth-promoting consumption habits. In Washington, the temptation will be to reverse the Big Bang and, like its cosmic counterpart, let it crash in upon itself, turning New York into a black hole of lending inactivity. We could face an outcome analogous to what happened to the CIA after the Church commission hearings of the '70s, which exposed agency abuses but made it so risk averse that it proved fatally incapable of taking on Al Qaeda later. Let's hope that instead reason prevails this time, and the pendulum does not swing too far to the left.
In ZEITGEIST?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?
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