5 ms·

If Trump wins, he plans to free Wall Street from "burdensome regulations"

6 points by JattMannu 2y ago

7thaccount 2y ago
2008 collapse full steam ahead:) In all seriousness, I agree that beauracracy is a big problem and the red tape is almost certainly a drain on the economy, but letting unstable systems just do what they will also isn't a solution if the American taxpayer is going to have to bail these companies out once they do super risky things.
- bell-cot 2y ago
  However miserable government bureaucracy often is - Wall Street and its "short-term profits are the ONE and ONLY GOD" mindset have already proven themselves a complete disaster - for the longer-term prospects both of America, and of the 99.9%. Wall Street needs brutal downsizing if America wants to have a future.
  - 7thaccount 2y ago
    Agreed. I like free markets, but believe some societal guardrails (e.g. EPA) make a lot of sense.
meepmorp 2y ago
"Who the fuck put this fence here?"
- 7thaccount 2y ago
  https://fs.blog/chestertons-fence/ https://fs.blog/chestertons-fence/ I'm posting the reference in case anyone on here hasn't heard of it yet.
- yostrovs 2y ago
  This is not relevant to a situation in which the details of the fence have been and are argued over all the time. You're implying that whoever is against these regulations must also be ignorant.
  - 7thaccount 2y ago
    Good point. They probably are well aware, but just don't care if they can get rich in the process.
bediger4000 2y ago
Doesn't society as a whole want some regulation on the financial system? Like insider trading: that gives smaller traders that are farther from the seats of power confidence they can invest without getting fleeced. Insider trading laws make the stock market as a while bigger because more people will invest. A small amount of regulation gives the whole of the US more money to spread around where capital is needed.
- 7thaccount 2y ago
  Most do I would think with the exception of some at the top and the libertarian think tanks they fund. I've heard many of those claim that market failures don't exist when it's literally in every Econ 101 book. They make some good points that I agree with, but commonly make bad arguments (e.g. use the argument that it's ridiculous to regulate lemonade stands with health standards, so we shouldn't have health standards for meat packing plants and that sort of thing).
- krapp 2y ago
  The American political system interprets the will of the people as damage and routes around it.

6 points by JattMannu 2y ago

2008 collapse full steam ahead:) In all seriousness, I agree that beauracracy is a big problem and the red tape is almost certainly a drain on the economy, but letting unstable systems just do what they will also isn't a solution if the American taxpayer is going to have to bail these companies out once they do super risky things.

bell-cot 2y ago
However miserable government bureaucracy often is - Wall Street and its "short-term profits are the ONE and ONLY GOD" mindset have already proven themselves a complete disaster - for the longer-term prospects both of America, and of the 99.9%. Wall Street needs brutal downsizing if America wants to have a future.
- 7thaccount 2y ago
  Agreed. I like free markets, but believe some societal guardrails (e.g. EPA) make a lot of sense.

meepmorp 2y ago

"Who the fuck put this fence here?"

7thaccount 2y ago
https://fs.blog/chestertons-fence/ https://fs.blog/chestertons-fence/ I'm posting the reference in case anyone on here hasn't heard of it yet.
yostrovs 2y ago
This is not relevant to a situation in which the details of the fence have been and are argued over all the time. You're implying that whoever is against these regulations must also be ignorant.
- 7thaccount 2y ago
  Good point. They probably are well aware, but just don't care if they can get rich in the process.

bediger4000 2y ago

Doesn't society as a whole want some regulation on the financial system? Like insider trading: that gives smaller traders that are farther from the seats of power confidence they can invest without getting fleeced. Insider trading laws make the stock market as a while bigger because more people will invest. A small amount of regulation gives the whole of the US more money to spread around where capital is needed.

7thaccount 2y ago
Most do I would think with the exception of some at the top and the libertarian think tanks they fund. I've heard many of those claim that market failures don't exist when it's literally in every Econ 101 book. They make some good points that I agree with, but commonly make bad arguments (e.g. use the argument that it's ridiculous to regulate lemonade stands with health standards, so we shouldn't have health standards for meat packing plants and that sort of thing).
krapp 2y ago
The American political system interprets the will of the people as damage and routes around it.