Gensler Metaphor Alert!
This could become a regular SWP feature: Gary Gensler continues to grind out the metaphors in his verbal attack on OTC markets. The most recent: “[the dealer banks] is also the group that nearly drove us off the cliff.”
Wait a minute. Just days ago he said: “The dealers collectively nearly burned down the financial system.” So what is it, are dealers bad drivers? Or arsonists? Or, is it that they drove a car off a cliff, and the explosion of the gas tank on impact ignited a conflagration?
I’m so confused. But I’m also a little disappointed. Haven’t heard about apples in a while.
I’m also still waiting for an explanation of how dealers qua dealers sped over a cliff, or lit a huge fire, or sped a flaming car over a cliff, and how the regulations Gensler is advocating would address any of those problems. And no, saying the AIG incantation for the zillionth time doesn’t count.