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Not going to go very descriptive. I believe one of the biggest problem in America is not capitalism or socialism, but overregulation and corporatism. They are interconnected, as corporations use the government to create regulations that favour them.
So, watch this video, and go on youtube if you want to see the remainding clips.
but about the topic, to me we don't have a wholesale problem of "overregulation" or "underregulation" -- our problem is corrupt or stupid regulation. For example, we under-regulate finance, and over-regulate healthcare.
to me we don't have a wholesale problem of "overregulation" or "underregulation" -- our problem is corrupt or stupid regulation. For example, we under-regulate finance, and over-regulate healthcare.
Although I agree with you about stupid regulation and that some new regulation may be needed. It is still overregulation. If you watch the second clip, he will show you how difficult it is to set up an lemonade stand legally.
Why should it be illegal to set up an lemonade stand without a permit in the first place? Too much regulations makes it easy for corporations to take advantage of the average man, because we don't know the regulation, or have the money to be involved in the legal battles. No one will arrest you in "socialist" Scandinavia for setting up an lemonade stand, so why should they be arrested in the "land of the free"?
but about the topic, to me we don't have a wholesale problem of "overregulation" or "underregulation" -- our problem is corrupt or stupid regulation. For example, we under-regulate finance, and over-regulate healthcare.
Even if you had tonnes of regulation, it wouldnt get enforced. There was legislation to prevent Madoffs. Some guy with a spare afternoon could see it was a Ponzi, wrote a report on it, was ignored. The SEC, with however many millions of funding they have, investigated and found nothing. People go on about bringing back Glass-steagall, yet it didn't stop the savings and loans crisis.
The regulators, the ratings agencys, all corrupt, all part of the problem.
Get rid of Fannie/Freddie, govt guarantees, and the system would regulate itself.
First off, you should watch the video. You won't be able to watch a 9 minute video in 5 minutes.
i did watch the video;
it's a lot of BS. They don't tell the full story, or they sensationalize a minor story.
the first few are local regulations. you have thousands of municipalities with stupid little regulations, and that's nothing for someone 500 miles away to get worried about. That's the American system of government, the "laboratory of democracy."
then they talk about the couple who built on a wetland. There was a thread about that here, recently, that tells the full story.
then they talk about the guy who went to prison for importing lobsters. According to the greaseball they interview, his crime was "Putting them in plastic containers instead of 40lb boxes." That's a lie. The guy was actually charged with conspiracy by illegally harvesting lobsters.
Even if you had tonnes of regulation, it wouldnt get enforced.
I don't agree with your fatalist view of financial regulation.
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The regulators, the ratings agencys, all corrupt, all part of the problem.
Agree, but the regulators aren't "unfixable." They are part of the problem because a large chunk of American leaders think that regulation is unnecessary.
When you appoint regulators who think their job is to deregulate, then you have ineffective regulators. Big shock there.
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Get rid of Fannie/Freddie, govt guarantees, and the system would regulate itself.
Nonsense. Fannie and Freddie are just two pieces of a puzzle. You want "self regulation" then you have to eliminate the central bank entirely, end fractional reserve banking, and let the financial system "sink or swim" without central bank funds.. and that's just the beginning. None of that is politically feasible right now.
So right now, Fannie and Freddie is the life support for the housing sector. It's a problem, but it's not the problem.
John Stossel was discredited as a journalist, well, one who's sane, a long time ago.
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