Wednesday, November 5, 2008

Hey Wall Street

Obama mentioned you last night. Once. I'm not sure if you heard since most of you get up early.

"Let us remember that, if this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers."

That seems ass-backwards to me, since Wall Street started suffering before Main Street, and an earlier and more decisive policy response by Washington may have lessened to blow on Main Street.

Oh, and this financial crisis taught us a few other things, not just one. It is folly to regulate all insurance except credit default swaps. Not every American can afford to own a home. Keeping interest rates too low for too long will cause a bubble somewhere.

That being said, Obama is the new landlord and he is going to raise the rent. Higher taxes? Maybe. More regulation? Let's hope it is better, smarter regulation, not just more.

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