Brooks- "The Testing Time"

fr: http://www.nytimes.com/2008/10/07/opinion/07brooks.html

October 7th, 2008 7:57 am
Brooks,

While it is true that a realignment of the world trading system is in order, the one thing missing from your piece is a prescription for how the middle classes in all Western Industrialized nations will be protected from the future global capital flow that cares little for domestic circumstances until it interferes with its ability to profit seek offshore. Perhaps it is time a mechanism was introduced to slow the flow of funds between the world's stock-exchanges? Unfettered securities and stock trading in times of crisis does little to shore-up confidence. All it does is lead to panic selling - which, as you point out, is erratic and irrational at best. Why should we rely on the same traders who got us here in the first place to somehow sort out the morass? Clearly, from Iceland to Denmark, from London to Paris, from Shanghai to New York - more oversight is needed.

— BeerBellyBuddah, Winnipeg, Canada