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May 6th, 2011, 23:13
Originally Posted by Tuco View Post
Ironically enough "deregulation" is exactly what hit american economy harder.
And not just the american one.

Milton Friedman's philosophy about anarcho-capitalism revealed itself as utter shit in the long run.
Deregulation isn't the issue. Deregulation is very, very good for an economy, so long as two things go along with it:

1) Moral Hazard
2) Enforcement of anti-trust and fraud laws.

With the Too Big To Fail concept, we've removed moral hazard, whether it be GM, Bank of America, or whatever.

And we had plenty of laws on the books to combat what was legally fraud in the mortgage market (and many other parts of the financial economy). What we lacked were governments willing to enforce those laws. If the governments enforce new regulations as badly as fraud and anti-trust laws have been, it's not going to make a bit of difference.

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