I Can't Get No!…Deregulation!
Supposedly the current crisis is, once again, to be blamed on “deregulation”. But let’s back up a minute. What is regulation after all? How does it come about? Can regulation be smart? I would think that the answers to these questions would be relevant in determining what really happened.
I tend to think that politicians, when in power, sell regulation that best suits the highest bidder. If there’s a free market gone wild, it’s the free-for-all policy market that’s been set up in Washington these days. Sure the successful lobby will benefit greatly from increased regulation. Maybe even win a monopoly advantage. But at what cost? At what cost for the system and the economy as a whole?