Originally Posted by
RCD73
This statement left me stunned.
I was tempted to post a picture of the denizens of New Orleans looting TV's during the floods. Although the deregulation of the Derivative markets in 2000 seems more topical. Perhaps a short tour of Mogadishu?
The derivative markets implosion was entirely due to poor regulation, no rational person would have taken those risks unless the paper had been promised to be made good by the government.
Perhaps a short tour of downtown Detroit? Regulation gone wild can be worse than no regulation.
I never proposed zero regulation, just very limited and rational regulation that treats all of us equally under a consistent rule of law.
Without a rational rule of law you get rule by exception-Detroit and Mogadishu come to mind.
More proof that a kleptocracy is just as bad or worse than a monarchy.