Prices are being discovered again…by free declaration of buyers and sellers.<\/p>\n
Owners of Greek stocks are discovering that their equity stakes aren’t as valuable as they believed.<\/p>\n
But for every seller, there is a buyer…<\/p>\n
Sellers are losing money. Buyers believe they are getting a bargain.<\/p>\n
You can fool all of the people some of the time, some of the people all of the time, and most of the people once in a while.<\/p>\n
You can obstruct price discovery and you can disguise and distort the real value of things. But Mr. Market will get even someday. He always does.<\/p>\n
Alan Greenspan betrayed Mr. Market…<\/p>\n
In 1987, after President Reagan appointed him Paul Volker’s successor as chairman of the Federal Reserve, Greenspan went over to the zombies…or more precisely, to their allies, the cronies.<\/p>\n
It must not have been easy for the former defender of the free market and member of Ayn Rand’s inner circle…<\/p>\n