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I agree with Soros: asset bubbles are endemic and tweaking interest rates doesn't affect the availability of speculative credit: you have to raise marging requirements (which the SEC has been empowered to do since it was created in the aftermath of the Crash of '29).

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Thu Jul 10th, 2008 at 11:30:59 AM EST

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