A regulator can never, and should never attempt to, control the animal spirits of the market. When markets are going up should a regulator stop them? How can a regulator "decide" that the market is too high? That it is just a bubble? They can't -- no one can.
Tuesday 26 August 2008
Animal spirits
It's a few weeks old but I just spotted this line in a WSJ article by former SEC boss Arthur Levitt:
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