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I won't dispute that the regulatory environment encouraged or discouraged certain actions, but that is very different from forcing anything. I can encourage you

by crux_ 18y ago

I won't dispute that the regulatory environment encouraged or discouraged certain actions, but that is very different from forcing anything. I can encourage you to smoke (say, by subsidizing tobacco), but that's hardly the same as forcing you to do so. Secondly, CDS contracts or CDO securities certainly weren't mandated by regulators, nor is there even much evidence that they were encouraged; they were merely permitted. There is no way that you can argue that the companies who buried themselves in the things were forced to do so by regulators and maintain anything resembling credibility. My condolences on your ideology's incompatibility with reality.

anamax 18y ago
> I won't dispute that the regulatory environment encouraged or discouraged certain actions, but that is very different from forcing anything. I can encourage you to smoke (say, by subsidizing tobacco), but that's hardly the same as forcing you to do so. As I said, you don't understand/are misstating how regulated industries work. A regulated company that makes its regulators mad ceases to exist. A regulated company that doesn't keep its regulators very happy has a hard time. I can walk away from the free cigarettes being given away by Joe Camel with no downside. Regulated companies take a hit when they do the same.