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Banking is the single most heavily regulated part of the economy. It is fantastic to claim the financial crisis was caused by solely private actors while droppi
by abtinf 10y ago
Banking is the single most heavily regulated part of the economy. It is fantastic to claim the financial crisis was caused by solely private actors while dropping the governmental context.
- coldtea 10y ago>Banking is the single most heavily regulated part of the economy. It is fantastic to claim the financial crisis was caused by solely private actors while dropping the governmental context. Banking might be the "most heavily regulated part of the economy", but the regulations that mattered were also disbanded one by one in the 2 decades leading to the crisis. The government gave free reign to those "private actors". Besides government, when it doesn't play its role as being there for all citizens interests, is just a lackey for private interests and powerful lobbies (and, no, "no government" wouldn't be a solution: just more of the problem).
- wpietri 10y agoSorry, let me add it back: "The government was lobbied into allowing banks to gamble, and they shouldn't have given in to the banks." Feel better now?