Quote:
Originally Posted by mookiemookie
When government looked the other way and removed/didn't enforce regulations, the financial industry blew itself up and took the world economy down with it. I saw how that worked as well.
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Well, you're kind of confused here. I wasn't lamenting government oversight, and the enforcement of laws by government. And yes, they did fail in their job of oversight as well. But when government tries to manage, overreach, require unneeded and costly mandates, be a player, and referee the game such as the healthcare bill.....well that's the problem. And too many Democrat voters want that type of interaction. It simply doesn't work. And they stand there and vote for more of it. Oversight is fine....taking over as a player and managing the industry is not. Government needs to provide oversight but let the private sector manage it's businesses and institute trade, finance, monetary, and tax policies that help them succeed, and not hinder their progress.
The financial downfall was not primarily caused due to lack of regulation. It has alot to do with government spending (fiscal insanity), burdensome taxes and costly REGULATION, and currency speculation and manipulation. In addition, governments role in the housing market crash cannot be explained solely through regulatory policy either. Fannie and Freddie for example were grossly mismanaged.