We saw how these numbers corrupted Moody's and the other agencies as well as the players at AIG and Goldman Sachs and the rest of them. Yet, regulation hardly seems to be a viable option because of complexity and global reach and the inherent arbitrariness and inefficiencies of such regulations. On the other hand, the forces of the market seemed incapable of overcoming greed and balancing the market without government intervention. I see no solution.
Every day the signs grow more ominous of a reckoning in the economies of the world, a calamity which I have often cited as one which is more likely than not, the timing alone being the issue and, should it occur, the impact of these derivatives might be utterly devastating. I fear that neither Trump nor Cruz possess the wherewithal to forestall such a calamity by taking away the sugar from Wall Street-it would probably just move abroad anyway. The money is just too big. My point is it is difficult to conclude whether either man would be more or less corrupt than the other respecting crony capitalism and by extension its far more dangerous excrescence at places like Goldman Sachs. I'm not sure either man could succeed if incorruptible and determined.
Incidentally, I am very pleased with Trump's paper on immigration save only that he fails to emphasize e-verify and the prosecution of employers who hire illegals. That is a profound perhaps fatal omission because it does not remove the incentive for illegals to enter and leaves us shoveling flies as we are, for example, in the drug war which, like the immigration battle, we are also losing.
I'm glad we were able to find a surprisingly broad area of agreement on the merits. All the best.
