I know this is an older post, but it has been holding up in the light of breaking news. De-regulation created false wealth. The purpose of financial instruments is to create liquidity and stimulate wealth building activities. Deregulation created an environment that money was so liquid, it had to go out an create a market where none really existed: approving loans and extending credit to dubious sources. A little more regulation would not be a bad thing. Socialism? We are a long way from "A Brave New World" baby. I'm so glad I'm a Beta, Alphas have to work so terribly hard.
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