[Matrix Hiatrix] 08:08:08:08:08 Aftermath, It’s All Buffalo
Its time to take some time off and recharge. All the excitement of the “08:08″ events wore me out.
And while we are considering lower oil prices, lets actually try to consider fixing the financial system problems of today. It really calls for a series of meaning regulatory overlays, not a bunch of restrictions. Here’s an interesting point of view:
Professor Shiller thinks our bankrupcty laws need to be overhauled as one of the fixes for financial system meltdowns:
Current bankruptcy law, and the system of bankruptcy courts, were put in place by Congress with the help of organizations like the American Bankruptcy Institute, the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association. It’s not shocking that these groups seem to have approached the problem of bankruptcies largely as narrow specialists, thinking mostly of the interests of their clients, rather than of the economy as a whole. We can’t expect securities lawyers to focus on issues like threats to consumer confidence or, for that matter, disruptions in the labor market.
But someone needs to do it.
An like any period of upheaval, there are winners, and there are losers.
Or better yet, think about our ability to to craft new laws to solve our problems.
And while you’re at it, think about this as a complete sentence while I am away:
Buffalo buffalo buffalo buffalo buffalo buffalo buffalo buffalo.
Does this make sense? Of course, not. That’s why I am taking a break.
Read the original here:
[Matrix Hiatrix] 08:08:08:08:08 Aftermath, It’s All Buffalo
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