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Obama the oil baron
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<blockquote data-quote="unionman" data-source="post: 711733" data-attributes="member: 21107"><p>"Wall Street failed America," CFTC Chairman Gary Gensler told Mr. Cho. That comment could apply to countless aspects of the economy these days. "And Washington's regulatory system failed America. And if we don't fix it, it's going to happen again."</p><p>The essential similarities between the oil fiasco and the larger financial crisis are striking. Both episodes showed us the same cast of characters—Goldman Sachs, AIG and the rest—taking advantage of deregulation. </p><p>And the whole rotten thing was then defended by the same bunch of free-market wise men, who brushed off doubts with a condescending laugh and a snort of indignation. How little critics know about the fantastic complexities of markets. And how arrogant they are as they threaten our freedom to speculate. </p><p><a href="http://online.wsj.com/article/SB20001424052702303411604575168162988817630.html?mod=dist_smartbrief" target="_blank">http://online.wsj.com/article/SB20001424052702303411604575168162988817630.html?mod=dist_smartbrief</a></p></blockquote><p></p>
[QUOTE="unionman, post: 711733, member: 21107"] "Wall Street failed America," CFTC Chairman Gary Gensler told Mr. Cho. That comment could apply to countless aspects of the economy these days. "And Washington's regulatory system failed America. And if we don't fix it, it's going to happen again." The essential similarities between the oil fiasco and the larger financial crisis are striking. Both episodes showed us the same cast of characters—Goldman Sachs, AIG and the rest—taking advantage of deregulation. And the whole rotten thing was then defended by the same bunch of free-market wise men, who brushed off doubts with a condescending laugh and a snort of indignation. How little critics know about the fantastic complexities of markets. And how arrogant they are as they threaten our freedom to speculate. [URL]http://online.wsj.com/article/SB20001424052702303411604575168162988817630.html?mod=dist_smartbrief[/URL] [/QUOTE]
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