If Prices Go Down, We Will Have

American Consumers Might Benefit If Lenders Provided Greater Mortgage Product Alternatives To The Traditional Fixed-rate Mortgage.

It Seems Superfluous To Constrain Trading In Some Of The Newer Derivatives And Other Innovative Financial Contracts Of The Past Decade. The Worst Have Failed; Investors No Longer Fund Them And Are Not Likely To In The Future.

History Has Not Dealt Kindly With The Aftermath Of Protracted Periods Of Low Risk Premiums.

Regulation Of Derivatives Transactions That Are Privately Negotiated By Professionals Is Unnecessary.

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.