As the era where "it's nobody's business but my own" unwinds, the price that is being paid is a meltdown in the equity markets. Well, it is about time! Is there any serious person that is surprised with this outcome? It's long overdue and the cries for reform will only give cover to more crazed regulation. The lesson is really a simple one. You don't reform a system that has evolved into a contradiction of free enterprise. The practices of many corporate executives have more in common with snake oil barkers than inventive innovators.
Read the entire essay from the View from the Mount archives
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