Needless to say, if you bail out speculators, they will simply speculate more. And if you do it over and over and predictably so, you will extinguish the fear of risk and loss, which is the only thing which keeps the speculative impulses in check.
-- David Stockman (as quoted in The Daily Reckoning) Sept. 24, 2019 (slightly edited)
Tuesday, September 24, 2019
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