It Is Deregulation's Fault

@gewcew23 (8011)
United States
October 17, 2008 10:43pm CST
Politicians like to blame deregulation for the economic crisis, but how so? Deregulation just cannot be at fault. There has not been any relevant deregulation in the last 25 years. Meanwhile, highly regulated institutions eagerly bought risky government-guaranteed mortgages, stimulating excessive housing construction and an unsustainable price bubble. Of course you will not hear that from those politician demanding more regulations. Reregulation just is not the solution. There is only one genuine regulation for the public, the discipline of profit and loss. Nothing regulates like the prospect of bankruptcy and failure.
1 person likes this
3 responses
• United States
18 Oct 08
In the first two Presidential Debates, Obama said the "crisis" was caused by deregulation. But what he failed to mention is that Democrats have continually Fought against that Deregulation. Personally,I blame McCain for not bringing it up. But something that went right by most people is that during the second Debate, Obama even said that the bill That McCain supported,Failed,Yet he still blamed the deregulation that did not happen. I truly believe that a large percentage of Americans have no Idea what is going on in this country and probably don't want to know, Lord knows I wish I was one of them. But the scary part is Obama Counts on these people for support. And that this "Crisis" which I believe was manufactured for such a time as this, Could not have come at a better time for Obama. He has Highlighted that McCain said he would not win if the conversation was the economy. But without this economic crisis, Obama would not stand a chance.
2 people like this
@gewcew23 (8011)
• United States
18 Oct 08
Morethanamolehill ignorance is so blissful. Sometimes I dream how nice it would be to be like some here on MyLot that just do not have a clue. Then I come to my sense.
• United States
19 Oct 08
It's too bad that, No matter how "blissful" one is, they still get a vote.
@suspenseful (40316)
• Canada
18 Oct 08
We had deregulation in Canada with our CN Railroad and one of the first things was that a lot of workers were let go and the ones left, including my husband, had to work harder. Now my husband was a hard worker anyway so it was no skin off his nose, but others were just sitting around when there was not a motor to fix, so they really now had to work. That is what happens with deregulation, they let go people and make the rest work harder. So that has nothing to do with an economic crisis. It is caused by making bad decisions, such as lending money out to people and to countries who cannot afford to pay them back and determine who to loan to based on ethnicity and past injustices or relationships rather than on method and ability to pay. As for housing construction, it should be for the population you have on hand and for the legal population not because of expecting a bunch of illegals to settle. And if you cannot pay more than the mortgage interest rate, you should not pay and no bank or mortgage company should give you a loan.
@ClarusVisum (2163)
• United States
18 Oct 08
"There has not been any relevant deregulation in the last 25 years." What? Hello, Enron loophole! Geez, are you ignorant.
1 person likes this
@gewcew23 (8011)
• United States
18 Oct 08
Just not as ignorant as you, who was President during the Enron, and Worldcom scandals? But once again you fell the need to insult.
@gewcew23 (8011)
• United States
18 Oct 08
Forgive my ClarusVisum I should have not said that, since your are possible the smartest individual here on MyLot I should pick your brain. So do tell me and everyone else here on MyLot what new regulations new to be enacted. Then fell free to explain in a way that an ignorant individual like myself can understand.
• United States
18 Oct 08
First of all, are you going to admit you were lying in saying that there has been no deregulation in the last 25 years? If not, then the only other possibility is that you were ignorant of this extremely infamous deregulation (which is not the same thing as calling you "stupid", which I'm sure is what you interpreted. If I say that you're ignorant of astrophysics, that's not an insult either). Either way, what you said was false. Secondly, the Enron loophole that enabled these scandals was drafted by Enron lobbyists working with Phil Gramm (now where have I heard that name before? Oh yes, he's McCain's ECONOMIC adviser!) in a Republican-controlled Congress, and it is precisely because of this loophole that speculation on the energy futures market has gotten out of control, and accounts for over half, perhaps up to 60% of the oil price we pay, and in turn the price we pay at the pump. (Source: http://www.globalresearch.ca/index.php?context=va&aid=8878 )
2 people like this