Actually Goldman tends to exploit a lack of regulations, and will lobby to get regulations removed in order for them to exploit markets further.
Interestingly, the propaganda used to win public support for these moves is that "big government is bad, and we should let the market decide".
Your opinion of regulations needs to take a 180, in my opinion :)
"The date was November 4, 1999. Senator Byron Dorgan was captured only by the cameras of CSPAN2.
"I want to sound a warning call today about this legislation," he declared, "I think this legislation is just fundamentally terrible."
The legislation was the repeal of the Glass-Steagall Act (alternatively known as Gramm Leach Bliley), which allowed banks to merge with insurance companies and investment houses.
The title of the bill was 'The Financial Modernization Act.' And so if you don't want to modernize, I guess you're considered hopelessly old fashioned."
Ten years later, Dorgan has been vindicated. His warning that banks would become "too big to fail" has proven basically true in the wake of the current financial crisis. He seems eerily prescient for claiming then that Congress would "look back ten years time and say we should not have done this."
Even the titles of bills in this country are propaganda. It's frustrating.
People like Christopher Dodd should definitely be in prison. Take a look at his role and support in the article linked above, and then take a look at this:
Arguing about 'regulation' with no context or means to evaluate them doesn't get us very far.
Regulations that enhance and encourage fair competition should be supported. Regulations that reduce competition or hinder commerce should not be supported.
There is always concern for negative externalities and this is an area where regulations can have a role.
Interestingly, the propaganda used to win public support for these moves is that "big government is bad, and we should let the market decide".
Your opinion of regulations needs to take a 180, in my opinion :)
"The date was November 4, 1999. Senator Byron Dorgan was captured only by the cameras of CSPAN2.
"I want to sound a warning call today about this legislation," he declared, "I think this legislation is just fundamentally terrible."
The legislation was the repeal of the Glass-Steagall Act (alternatively known as Gramm Leach Bliley), which allowed banks to merge with insurance companies and investment houses.
The title of the bill was 'The Financial Modernization Act.' And so if you don't want to modernize, I guess you're considered hopelessly old fashioned."
Ten years later, Dorgan has been vindicated. His warning that banks would become "too big to fail" has proven basically true in the wake of the current financial crisis. He seems eerily prescient for claiming then that Congress would "look back ten years time and say we should not have done this."
http://www.huffingtonpost.com/2009/05/11/glass-steagall-act-...
Even the titles of bills in this country are propaganda. It's frustrating.
People like Christopher Dodd should definitely be in prison. Take a look at his role and support in the article linked above, and then take a look at this:
https://secure.wikimedia.org/wikipedia/en/wiki/Chris_Dodd#Co...