We Ought To Be Opening Up Our

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.

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.

The Recent Period Has Been Marked By A Transformation To An Economy That Is More Productive As Competitive Forces Become Increasingly Intense And New Technologies Raise The Efficiency Of Our Businesses...while These Tendencies Were No Doubt In Train In The "old," Pre-1990s Economy, They Accelerated Over The Past Decade As A Number Of Technologies With Their Roots In The Cumulative Innovations Of The Past Half-century Began To Yield Dramatic Economic Returns.

I Don't Know Where The Stock Market Is Going, But I Will Say This, That If It Continues Higher, This Will Do More To Stimulate The Economy Than Anything We've Been Talking About Today Or Anything Anybody Else Was Talking About.

I've Been In And Out Of Wall Street Since 1949, And I've Never Seen The Type Of Animosity Between Government And Wall Street. And I'm Not Sure Where It Comes From, But I Suspect It's Got To Do With A General Schism In This Society Which Is Really Becoming Ever More Destructive.