In a recent guest blog post on CNBC, CFTC Commissioner Bart Chilton described the global financial markets by reference to a bowl of cereal….yes folks, a bowl of cheerios! His post, entitled, “The Cheerios Effect“, is remarkable not because it provides meaningful insights into the financial markets or sheds light on anything of interest, but because “Crazy Bart” managed to sound even more absurd than usual.
At the heart of the post is the notion that there ought to be global harmonization of regulatory regimes, which is certainly a notion I wholeheartedly support. BUT, I have to wonder how Gensler goes through every day knowing “Crazy Bart” is out there saying stuff like, “Like Cheerios, we need to stick together to get sound rules written; get them implemented; and, harmonize them across borders wherever possible.”
Personally, I think it more likely that the regulations will eat the markets alive (like one might eat Cheerios…) due to sublime complexity and added cost, but then again I havent conducted a scientific study of breakfast cereal, so what the hell do I know?
Thank you to Commissioner Chilton for providing such wonderful blog fodder (and, no, I dont think you’re actually “crazy” in the mentally ill sense, just more whacky in a Mr. Ferly Three’s Company kind of way than the average CFTC Commissioner.
And, readers, as always, please note that this post is written strictly in my personal capacity and expresses only my own views in that capacity and not the views of any other person, including without limitation any past, present or future employer. That should of course be clear from the disclaimer, but just in case you didnt take the time to read it…