Tuesday, June 02, 2009

Farmers Depend on Efficient Markets?

That's a surprising sentence from a NY Times article on big banks and possible changes in regulation:
Mr. Peterson, whose constituents include farmers, who are historically suspicious of Wall Street and whose livelihoods depend on efficient markets [emphasis added], is a longstanding critic of loose regulation. And since his committee oversees the Commodity Futures Trading Commission, he would retain more of his prerogatives overseeing the market if the C.F.T.C. were the main regulator.
As part of the history of farm programs was to limit and temper the impact of efficient markets, it struck me as odd.

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