3 ms·
Seems like another example of "Baptists and bootleggers" [0]. Well-intentioned people trying to protect citizens from financial malfeasance support the same reg
by crazy1van 11y ago
Seems like another example of "Baptists and bootleggers" [0]. Well-intentioned people trying to protect citizens from financial malfeasance support the same regulations that the big financial players use to keep competition out of the market.
[0]: https://en.wikipedia.org/wiki/Bootleggers_and_Baptists https://en.wikipedia.org/wiki/Bootleggers_and_Baptists
- jazzyk 11y agoCall me cynical, but I think most of the legislation introduced is driven by lobbyists from the start anyway. General public may have the illusion that these regulations are in the interest of citizens, because of clever wording and names used, etc. The "Freedom Act" is SO not about freedom, it is almost funny. EDIT: I am not cynical - this is a well recognized practice (thanks to cfreeman for his post below): https://en.wikipedia.org/wiki/Regulatory_capture https://en.wikipedia.org/wiki/Regulatory_capture