Now is the time for speculative and dreaming or designing men. They relate their dreams and projects to the ignorant and credulous, and dazzle them with golden visions. The example of one stimulates another; speculation rises on speculation; bubble rises on Penny Stock Secrets bubble. No operation is thought worthy of attention, that does not double or treble the investment. Could this delusion always last, the life of a merchant would indeed be a golden dream; but it is as short as it is brilliant.

And to think, Washington Irving had never met a subprime mortgage, or a CDO, a CLO, an SIV or a credit default swap! It is indeed true that those who ignore history are condemned to repeat it. That is the bad news. Financiers, dazzleing the credulous, including regulators, repeated history in spades, despite their claim to unprecedentedly clever and new risk-management tools and mathematical sophistication. It was as short as it was momentarily brilliant. But that is done, and now we must do what we can to remedy the situation. One thing, however, is clear. The answer, to be curt, is not to compound the bad by repeating the oft-prescribed remedy of inflating our way out of our Part-time Trading Profits predicament with a wing-and-a-prayer promise that it can always be reined in later. It is for this reason that I have maintained a strong reluctance to further general monetary accommodation.

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