Very interesting page, left me with a lot of mixed feelings after I read it. First, it seems like the biggest issue was not onion futures per se, but manipulating the market. It seems like banning onion futures was just a band-aid while ignoring the true cause. Second, if it really is the case that onions' perishable nature caused the problem, why not at least extend the ban to all similarly perishable products? Again it seems like they attacked the symptom rather than the root cause. But those criticisms aside, I kind of love that the government back then was willing to shut down shady money making schemes from finance bros. That would never happen in America today, so that part was pretty cool.
alt Hacker News
Very interesting page, left me with a lot of mixed feelings after I read it. First, it seems like the biggest issue was not onion futures per se, but manipulating the market. It seems like banning onion futures was just a band-aid while ignoring the true cause. Second, if it really is the case that onions' perishable nature caused the problem, why not at least extend the ban to all similarly perishable products? Again it seems like they attacked the symptom rather than the root cause. But those criticisms aside, I kind of love that the government back then was willing to shut down shady money making schemes from finance bros. That would never happen in America today, so that part was pretty cool.