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“And the British political economist Fred Hirsch generalized the point: once a social system, such as capitalism, convinces everyone that it can dispense with morality and public spirit, the universal pursuit of self-interest being all that is needed for satisfactory performance, the system will undermine its own viability, which is in fact premised on civic behaviour and on the respect of certain moral norms to a far greater extent than capitalism’s official ideology avows.”
Rival Views of Market Society and Other Recent Essays, pg 156
"All paper will burn. Come, sit by me. We shall watch the bonfire together." - paraphrase of Another
Everything was bouncing today, at least those things that had sold during the margin squeeze precipitated by the CME and the CFTC which affected most asset classes except bonds.
Of course they had to relent. Crashing the stock market is probably too high a price to pay in order to save a small clique of traders who are trapped in the silver pits.
But I would not count these fellows out of the game yet. Goldman and their ilk helped to crash an economy in order to loot AIG and the mortage markets. Their perfidy has few bounds.
