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> When I see a problem elsewhere in society - investment banking in the 2000s for example - people propose heavy regulatory solutions. That may work, but would
by pdog 10y ago
> When I see a problem elsewhere in society - investment banking in the 2000s for example - people propose heavy regulatory solutions. That may work, but wouldn't be so much of a battle if the culture were better.
The toxic culture of investment banking is a feature, not a bug. If you cleaned it up, it wouldn't be high finance anymore.
- woodandsteel 10y agoNo, for a long time starting with the new deal, we had high finance with a much less toxic culture. The change happened because a bunch of conservative politicians persuaded the government that high finance is natural self-regulating and so it would be just fine to gut many of the key regulations. The crash of 2008 was one consequence. And Trump is very much on the financial deregulation side.