Friday, May 07, 2010

Manipulated stock prices are the least of our problems

Yesterday's out-of-the-blue stock market plunge and miraculous recovery may well turn out to be the event that finally blows the lid off of a broken or corrupt trading system on Wall Street.

Under a more free market-minded government I would be eagerly anticipating the needed housecleaning and new regulations that would restore fairness to the market, but I only feel dread in this case.

A messed-up system of stock pricing is of relatively little importance to Obama and the Dems. Sure, they'll take some token steps to fix it, but to them the much larger problem is that some people have so much money to invest in the stock market in the first place. This money that producers and savers are frivolously investing in corporate America could be put to much better use if it were spread around to other people who aren't producing or saving, because after all (I wanna be clear, blah blah blah) at a certain point you've made enough money.

Yes, Obama and the Dems are going to get their fingers into the Stock Exchange alright, but if the other corporations and industries that they've touched are any indication, they'll make it less fair, less transparent, and less profitable for everyone. Well, almost everyone.


Cathy said...

I still can't get over the statement about reaching a point where you've made 'enough' money.

Didn't he make some 7 million on book royalties and other means? Is his quota set higher than the rest of hard-working, risk-taking Americans.

Yes, as you stated: Obama and the Dems are going to . . . make it less . . profitable for everyone. Well, almost everyone.

Really, really scary.

Jody Wilson said...

"All animals are equal but some animals are more equal than others."