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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsReagan-Appointed Judge: Deregulation Movement Made 'A Fundamental Mistake'
Reagan-Appointed Judge: Deregulation Movement Made 'A Fundamental Mistake'at Huffington Post
http://www.huffingtonpost.com/2012/08/24/richard-posner-deregulation_n_1828256.html
"SNIP.....................................
I was an advocate of the deregulation movement and I made -- along with a lot of other smart people -- a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy, he said in the appearance on Spitzers Viewpoint. The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.
Posners comments come at a time when regulators are struggling to implement some of the provisions of the Dodd-Frank financial reform law, which attempts to place curbs on Wall Street. One example: After failing to put rules in place to rein in money market funds -- which some critics blame in part for the financial collapse -- the SEC and other regulators are scrambling to find another way to deal with them, according to The New York Times.
Posner isnt the first to spit out the deregulation Kool-Aid that was so popular in the lead up to the financial crisis. Even ex-Federal Reserve chairman Alan Greenspan, who critics deride for believing too much in the ability of markets to right themselves, admitted in October 2008 that he was in a state of shocked disbelief at the disaster created by unchecked free markets, according to the NYT.
Then Bruce Bartlett, one of Reagans economic advisers, said last year that the notion that deregulation leads to job creation is just nonsense. It's just made up.
.......................................SNIP"
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Reagan-Appointed Judge: Deregulation Movement Made 'A Fundamental Mistake' (Original Post)
applegrove
Aug 2012
OP
Xipe Totec
(43,890 posts)1. along with a lot of other smart people... The arrogance is nauseating. nt
hifiguy
(33,688 posts)2. This is significant and important.
Richard Posner was the guru of the entire law and economics movement. He is a genuine intellectual heavyweight, agree with him or not.
dkf
(37,305 posts)3. Can regulation separate the US financial markets from World financial markets?
Isn't it the entanglement across borders that puts us all at risk?