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All Hail Democracy! The Idiot King Of Our Time

The intelligent, real-world inner-workings of the United States’ beloved socio-political experiment, from investor Jeff Matthews:

I once got a call from a Congressperson-friend on a financial sub-committee before the crisis when they were debating something to do with Wall Street.  The conversation literally—literally—went like this:

“I’m going into a session…now, remind me, ‘fixed income’ is what?”  “Debt.”  “Okay.  And equity is…” “Stocks.”  “Right, okay, thanks.”
I am not making that up.

Maybe the people passing laws about things they don’t understand can pass a law preventing themselves from passing laws about things they don’t understand?

Anyone want to take odds on that bet?

If you’re pro-democracy, you have to contend with this kind of stuff as a real-world consequence of the system you prefer.

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