I hope it’s just ‘stupid’. Sarbox has kept billions of dollars wasting on skyscrapers of accountants doing mountains of clerical busywork that prevents no wrongdoing and does waste our financial resources while driving business offshore. KGB could not have designed a better financial weapon of mass destruction.

Today during this crisis period in our financial system, when confidence in our system is most vital, a large and important conference in Singapore of precisely the international financiers whom we need to, frankly, side with the west, was treated to a speech by a Harvard professor, an ex IMF economist, which rampaged around the money world and set off another round of sell-offs of the stocks of our big financial firms. Some defenders of our system are wondering why, since the potential for this sort of event is already well-understood & priced-in, that he and his people would choose this crucial week and event to basically deliver the underlying message that at least some of the powerful interests are now stepping into public view to announce to the world that they intend to be AWOL from home defense. I’ve noticed there’s often a gleeful chortle on our troubles from these types, and sure nuff he treated the audience to “we’re gonna see a whopper!”. And we might indeed –a big failure is often the signal buyers wait for before they’ll come in –which is why a big failure is a strong ‘bottom’ signal. But jeez.