We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Ciao una bella, California will be reason# 31 why Depression II, will take place. Check out the Baltic Dry Index. A harbinger of things to come. Still trying to keep my chin up. A Happy Thanksgiving right back at you!!
Regarding short selling, I have argued from the time the up-tick rule was abolished that (a) short selling is not a "bad" thing because it adds liquidity, (b) the up-tick rule should be maintained because it prevents momentum players from manipulating the market (the how it's done discussion is quite long) and (c) delivery of borrowed shares should be required from institutional investors before short sales can occur (just like retail investors do before a short sale).
This will be more effective than pages of regulations.
Regarding the Great Depression 2 article, Paul is not to be trusted. His objective is to bash Reaganomics. He offers no solutions. He also gripes about collectivism as making things worse (and I agree).
While there may be a depression, it will not be because of unfettered capitalism with insufficient regulation. It will be largely because of government interference in free markets and this includes tax policy.
The federal budget is over $3.1 TRILLION. There is spending problem and that is getting worse. More government will only exacerbate the problem. We need freer markets, less government and more personal responsibility.
We can extend unemployment benefits, but concentrating more economic and political power in Washington will be a disaster.
Congress had to close its cafeteria because it lost $18 million (which is quite an accomplishment given the relatively small group served). Social Security, Medicaid and Medicare are in shambles.
Why will it be different this time? It won't be.
People are full of fear, and, in some cases, it is understandable. However, there is no free lunch. Government comes with the yoke of servitude.
As usual, you've got it right. Who is this Farrell guy? Anytime I read an expert analysis with a phrase like "distorted, inflexible views of conservative Reaganomics ideology" in it, I know I've got an agenda driven product. I suppose if you looked back at his wonderful predictions you'd probably find the stopped clock phenomenon. If you always predict trouble ahead occasionally you're correct because of the nature of cycles. It is depressing to know that unself-critical minds like this one get paid good money to sing to their tiny choir.