Good morning. I couldn’t think about bonds any more so I tried to get down some thoughts about a what a government push to increase market competition might mean for markets. A very slippery area, where I’d be keen to hear your arguments: email them to me at Robert.Armstrong@ft.com.
Is competition bad for stocks?
Charles Wilson, chief executive of General Motors (and, later, Secretary of Defense under Eisenhower) never said that “what is good for General Motors is good for the country” — a line widely attributed to him. But he came very close. During his confirmation hearings for the Pentagon job in 1953, a senator asked Wilson if, given the $2.5m in GM stock he held, he could make a decision that would help America but hurt GM. Wilson said:
I cannot conceive of one, because for years I thought what was good for our country was good for General Motors and vice versa. The difference did not exist. Our…