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Nobody alive can remember as much regulation of financial markets in the U.S. as what is being proposed to Congress next week. The job will be rushed through, by the most inept Congress in recent memory. The players proposing the rules also have very little understanding of how markets work. The best we can hope for is that some of them have read Nassim’s book. For every new regulation enacted, there will be thousands of people immediatly set to work figuring out how to profit from the regulation, and the seeds for the next disaster will sprout. The odd thing is that nobody seems to understand that it is not the markets that caused the current credit crisis, but rather accounting rules (some of which were enacted after Enron) that require firms to value their assets according to market value rather than according to performance, with some measure of risk that is realistically heavy tailed.
Arthur DeVany enda blogis finantsturgudel toimuva põhjustest ehk miks “mark-to-market” nõudmine, mis sündis tänu Sarbanese-Oxley’le, on tõenäoliselt ka praeguse supi üks peasüüdlane.
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