In all seriousness, I agree that beauracracy is a big problem and the red tape is almost certainly a drain on the economy, but letting unstable systems just do what they will also isn't a solution if the American taxpayer is going to have to bail these companies out once they do super risky things.
However miserable government bureaucracy often is - Wall Street and its "short-term profits are the ONE and ONLY GOD" mindset have already proven themselves a complete disaster - for the longer-term prospects both of America, and of the 99.9%. Wall Street needs brutal downsizing if America wants to have a future.
This is not relevant to a situation in which the details of the fence have been and are argued over all the time. You're implying that whoever is against these regulations must also be ignorant.
Doesn't society as a whole want some regulation on the financial system? Like insider trading: that gives smaller traders that are farther from the seats of power confidence they can invest without getting fleeced. Insider trading laws make the stock market as a while bigger because more people will invest. A small amount of regulation gives the whole of the US more money to spread around where capital is needed.
Most do I would think with the exception of some at the top and the libertarian think tanks they fund. I've heard many of those claim that market failures don't exist when it's literally in every Econ 101 book. They make some good points that I agree with, but commonly make bad arguments (e.g. use the argument that it's ridiculous to regulate lemonade stands with health standards, so we shouldn't have health standards for meat packing plants and that sort of thing).
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[ 3.2 ms ] story [ 26.8 ms ] threadIn all seriousness, I agree that beauracracy is a big problem and the red tape is almost certainly a drain on the economy, but letting unstable systems just do what they will also isn't a solution if the American taxpayer is going to have to bail these companies out once they do super risky things.
I'm posting the reference in case anyone on here hasn't heard of it yet.