Your parenthetical addendum to the passage I cited suggests there’s something conspiratorial about it. But it has been the governing principle of securities regulation since Soros was in diapers. That is, that “sophisticated investors” do not need additional legislation to protect them from themselves. They’re professionals and they can mediate and litigate their differences at their own expense. “Unsophisticated” market participants, i.e. the general public, have recourse to the state for protection from professionals if necessary. Mr. Summers’ statement is simply a restatement of that principal, and is perfectly in line with historical precedent.
And you appear to be out of your league:
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