2 ms·

So financial deregulation is a positive development? Remember that next time the state has to take 50 or 100 billion dollar loan to save a greedy bank, that's t

• skippyboxedhero 4y ago
  Financial deregulation did not cause the financial crisis in the UK. It was: corporate lending (which the FSA had full power over) and one bank doing a mega-merger (which the FSA had full power over). Insufficient regulation is the eternal excuse...it is like saying that your business failed because you can't beat your staff to force them to work more hours. No-one wants to talk about the fact that most regulators are idiots, and will fuck it up (which they have done post-GFC, we have given massive powers to the BoE and they have done nothing else but cause financial problems...but the media just wants to talk about "the bankers, the bonuses"). Either way, you are seeing the UK move very swiftly towards the heavy corporatist banking system in Europe which requires bailouts and subsidies every few years (you are complaining about the GFC, Europe has been doing GFC-size interventions to save their banking system every few years SINCE the GFC). Financial deregulation is the only way to stop this. It will be huge for growth because the UK's financial markets are ossifying heavily under current regs.