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Actually yes, regulation also gives favored status to corporations. For example, the "Big Three" credit rating agencies who were given the federal gov't's bles
by waffle_ss 13y ago
Actually yes, regulation also gives favored status to corporations. For example, the "Big Three" credit rating agencies who were given the federal gov't's blessed "NRSRO" status, who controlled 95% of the market share on credit ratings and who ended up being a a major cause of the 2008 bank failure due to their malfeasance in rating debt.
Another example is Bell Systems("Ma Bell")'s stifling of innovation as they held a government-sanctioned monopoly over telephone service via the Communications Act of 1934. Ma Bell would have had no reason to build you an iPhone as they had the market cornered.
- ebbv 13y agoAs I said, some regulation is bad just like some criminal laws are bad. Just because there's been bad regulation doesn't mean you get rid of all of it, just like you wouldn't get rid of all criminal laws just because the system has been abused in the past.
- threeseed 13y agoYou do know that 5 year olds can understand this, right ? REGULATION = GOOD REGULATION + BAD REGULATION Arguing against "regulation" means arguing against the good and the bad. Which is the height of stupidity since you're effectively arguing for companies to do whatever they want, whenever they want with zero consideration of anybody else.