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> I get it, I’ve talked to people inside the SEC who want to do a better job but feel like they aren’t being given the power to. She has a nice rant, but compl
by jpdoctor 14y ago
> I get it, I’ve talked to people inside the SEC who want to do a better job but feel like they aren’t being given the power to.
She has a nice rant, but completely missed the point: The SEC is made of people, all of whom are in finance, and most of whom would like a high-paying job on wall-street.
The term "regulatory capture" needs to appear in there somewhere.
- chii 14y agoI think the root of the problem isn't that SEC can be captured - all industry regulators can be captured, if given enough funds. The root of the problem is that the financial industry has so much money - money that may not represent real value, and thus, force ripple thru out the rest of the world when some group decides to take huge, but externalized risks. The problem is that this single industry is responsible for too much money generation. If a player in a game has too much power, the power to change the rules will eventually appear. and no amount of regulation can fix that. I m unsure what can actually fix it, other than setting laws such that money cannot be used to make money. Then, this problem will disappear (but so will the livelyhood of many people who currently depend on this).