Streetwise Professor

March 19, 2010

Gensler Metaphor Alert!

Filed under: Derivatives,Economics,Financial crisis,Politics — The Professor @ 3:17 pm

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.

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