Friday, July 12, 2013
Vo Elizabeth!!
That's half a BRAVO for Elizabeth Warren. ("Bra Elizabeth" would be confusing.)
Why half? Because she's pushing hard for ONE crucial restoration of FDR's laws. Bringing back Glass-Steagall is critically necessary, and a competent president would have done it by executive order on January 20, 2009. Unfortunately we didn't have any competent choices, so it didn't happen.
But Elizabeth isn't pushing (yet?) to restore the OTHER HALF of FDR's solution, which is EQUALLY CRUCIAL. Namely, the rest of the 1936 securities laws, prohibiting abstract options and derivatives. Real hedging of commodities was permitted, because real hedging helps to keep commodity prices leveled out. All other options and derivatives are EVIL and must be CAPITAL CRIMES in both senses of the word.
¶ 8:40 AM 
