When a young Jack Nicklaus won the 1965 Master's Tournament, golf legend Bobby Jones said Nicklaus was "playing a game with which I am not familiar." I have the same feeling about today's financial markets.Something has to change; a free market economy undergirded by unregulated players that are considered "too big to fail" ain't really free, in my opinion.This is not capitalism as I learned it. Rather, for the past three decades financial engineers have been playing a game with unlimited upside reward and, thanks to the Federal Reserve and the White House, limited downside risk.
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In the words of Fortune Senior Editor Allan Sloan, "Private profits, socialized losses."
Sunday, April 13, 2008
Unfamiliar game
A good article about how the markets of today are fundamentally out of whack. The first-and-last:
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