Jeffery Snider has a long piece at RCM today explaining the Fed’s “modified pump & dump” policy. But here’s the graf you need to pay attention to:
Market discipline, no matter how brutal, is at least objective and often meritorious, an acceptable condition to free people – free to succeed, free to fail, all regardless of size or stature. General interference, including fiscal interjections such as General Motors and Chrysler, breeds distrust. Fiat is simply an invitation to chaos and discord, so three years of ongoing uncertainty is wholly unsurprising. Price discovery due to interference is not really price discovery at all, meaning the larger class of investors will never fully commit or regain faith. If the game is rigged, fewer and fewer will play.
Now you know why the jobs haven’t come back.
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