Monday, February 1, 2010
Best Is Not Always What We Get
February first, the month the pitchers and catchers report for spring training. Baseball and warmer weather are only 2 months away.
This morning Duke Energy is ripping up my sidewalk to put down new gas lines. The noise is loud and close as I live only a few feet from my sidewalk where the backhoe is grabbing concrete and digging a trench down the street.
I don't feel like I have anything new to add here this morning. I, like many of you, watch to see if anything really significant is going to take place in the world of banking and securities regulation. From my recent readings, it has become clear that Larry Summers is an advocate of deregulation and a believer that markets are self correcting. This, in my opinion, makes as much sense as to say we do not need air traffic controllers at any of the major airports of the world. Just let the pilots in the air work it out among themselves to see who lands and takes off and what runways to use. Some times even very smart people have blind spots, or, they know on what side their bread is buttered and don't make waves. Take your pick, at this point in time, it will be interesting to me to see how tough the Obama administration is going to push for tougher regulations on Wall Street. Yes, the American economy needs a healthy financial sector, but should the players that caused the financial crisis be the ones that set the rules? Common sense would say that more enforcement and more comprehensive regulations would serve our economy best. But, best is not always what we get.