Wall Street Circles the Drain

Dave Hoffman

Dave Hoffman is the Murray Shusterman Professor of Transactional and Business Law at Temple Law School. He specializes in law and psychology, contracts, and quantitative analysis of civil procedure. He currently teaches contracts, civil procedure, corporations, and law and economics.

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5 Responses

  1. Bruce Boyden says:

    From the Times article: “It was, by all accounts, a day unlike anything Wall Street had ever seen.”

    Hmm. Including October 29, 1929?

  2. A.J. Sutter says:

    When you refer to “the New Deal” as the more apt comparison, do you mean FDR’s programs, or the Depression itself? If you mean FDR’s programs, could you please explain what they have in common with Enron fraud and the Lehman situation, for example?

    As for Allan Greenspan, did the ABC interviewer happen to mention that the subprime industry grew up during AG’s tenure? (Here in Japan, we saw only AG’s jaw-dropping sound bite, carried on some local and cable news shows.)

  3. Markets Always Work says:

    No new New Deal…the markets will solve this– they always have in the past. Government intervention is always a bad idea. Mellon said it best: liquidate, liquidate, liquidate.

  4. The New Deal phrase came from Gordon, and I am pretty sure he meant (and I certainly meant) the regulatory response. In both cases, we’ve got a crisis that seems to expose some pretty systemic weaknesses in our system of financial regulation, leading to cascades of failure.

  5. anon says:

    “Markets always work”, huh?

    It seems a little late for dogmatic adherence to a philosophy that seems so obviously flawed. Did the markets “solve” the great depression? Do markets work when government accepts business risk but business keeps business profit? Try to get any medical care recently?

    Seems to me that the Reagan revolution is on its death bed. 1980-2008