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The Politics of the Brady Report: A Comment, 74 Cornell Law Review 865 (1989)


I'd like to thank Jon Macey and the Cornell Law School and
Law Review for organizing an interesting conference. I will keep my
comment brief for two reasons: it's late in the day and I do not have
many points of deep disagreement with David Haddock's paper.
Let me say at the outset that I agree with Dave's fundamental
point-that the Brady Report on the October 1987 market crash is
best understood as a political document, rather than as a policy prescription
grounded in positive economic research. I also found the
Report quite disappointing, because the Report's explicit objective
is not to understand the economic reasons for the crash but to study
"market mechanisms," to locate a cause for the rapid rate of the
market decline, and correspondingly propose improvements to
those mechanisms.

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