Failed Regulators and Politicians
An irreverent Wall Street Blog
by Bill Singer
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As Calvin Coolidge Said It Best
Written: July 10, 2008
A journalist I admire recently attempted to compliment me--but it was a bit of a failed effort. In trying to capture the spirit of my writings on Wall Street, this reporter said he loved the way that I "ranted." I knew what it meant and, okay, perhaps he wasn't that far off. At times I can be like a pit bull who chomps down on its prey and refuses to let go until the life is drained out of the subject. Not the prettiest of pictures but at least an effective approach to dealing with adversaries and problems.
I am disgusted with the state of regulation on Wall Street. I am equally disgusted with the state of politics in the United States. Our regulatory and political system have failed us in recent times. When I watch Congressional testimony, as I did today, I don't know what causes me to want to retch more: the regulators or the politicians. The former never seem to see trouble coming and the latter never seem to have a clue as to how to prevent a recurrence. And yet they want us to give them more time and more power.
I have long been a student of history and a voracious reader.As many of you have likely figured out, I love quotes. I would commend to you the comment of former President Calvin Coolidge (yes! of all folks) as the best insight into why I believe I have an obligation to stay on message:
Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race.