“Better regulation is the key to avoiding future financial excesses, Federal Reserve Chairman Ben S. Bernanke said Sunday, arguing that the Fed’s low-interest-rate policies early in the decade were not a major cause of the housing bubble.”
Victor and I co-wrote an article on regulation in the commodities industry for the Ludwig von Mises Institute a few months ago. Although it’s a bit technical, the end result is that we believe further and future interference from academics and lawmakers will result in more bubbles and blowouts. Capitol Hill has proven that they are very bad traders.
I think we’re going to have a lot more “liar outbreaks” in some of these sessions, especially those featuring testimony from Bernanke.
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