There has been no shortage of financial regulation over the last 30 years. The much-faulted era of deregulation is a laughable myth. If anything can be said to have failed in the run-up to the current financial mess, it is the regulatory state. (Of course, much else also failed, including the Federal Reserve system and housing policy.) The idea that we suffer from a shortage of regulation is wrong. Therefore, writes Sheldon Richman, the idea that we need more regulation to prevent a repeat of the debacle is worse than wrong.
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