Rick Santelli: “the only regulation that will ever work is failure. If you don’t allow failure what you end up with is regulators trying to serve when it’s time to take punch bowls away. Regulators never go against the grain. Back in 03-04 many in the fixed income markets saw it coming but nobody wants to pull that punch bowl away. Businesses should fail, that’s the way the system was designed”
This is a great interview with Rick Santelli, the CNBC reporter/bond trader who keeps it real. He pulls no punches. Listen:
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