The Speculative Debauch*: A Bad Idea Whose Time Has Not Yet Come

Friday, May 1, 2009

A Bad Idea Whose Time Has Not Yet Come

Stress test results delayed some more. Via Bloomberg.

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*These figures alone will enable the economic historian of the future to describe the unhealthy prosperity of 1929 and the inevitable grief and suffering that followed in the succeeding years--grief and suffering that overwhelmed and carried away not merely the speculative gains of those who participated in the speculative debauch ... but eventually the operating profits of every business in the country no matter how unrelated to stock exchanges.

Sam Rayburn's introdution to H.R. Rep 73-1383, 73rd Cong. 2nd Sess. 1934, 1934 WL 1290

Friday, May 1, 2009

A Bad Idea Whose Time Has Not Yet Come

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