Sunday, December 13, 2009
"we shall see no more financial panics."
While we might applaud our elected officials for trying to avoid the event we're only now seeming to be coming out of, one must also wonder how much is being done simply for showmanship or to appeal to the electorate. It will also be interesting to see if all of the provisions that are planned aren't eventually overturned by the Supreme Court, given the Federal Reserve's autonomy.
Is congress overreacting? Are their actions appropriate? Unfortunately, the anti-Wall Street fervor has grown to the point where such steps aren't surprising. Hopefully, we won't suffer as a result.
Source for Hamlin quote: Moss, David. The Federal Reserve and the Banking Crisis of 1931. "Harvard Business School Cases."