A Quote by Jacob Weisberg
As with the government failures that made 9/11 possible, neglecting to prevent the crash of '08 was a sin of omission - less the result of deregulation per se than of disbelief in financial regulation as a legitimate mechanism.
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The culture of self-gratification and deregulation that began during the Clinton years and continued under President George W. Bush led to the bursting of one stock market bubble at the turn of the century and a full-scale financial crash less than a decade later.
But in the financial markets, without proper institutional rules, there's the law of the jungle - because there's greed! There's nothing wrong with greed, per se. It's not that people are more greedy now than they were 20 years ago. But greed has to be tempered, first, by fear of losses. So if you bail people out, there's less fear. And second, b prudential regulation and supervision to avoid certain excesses.
The Federal Reserve, the Treasury, all the regulator agencies - if there's a problem of the financial mechanism in society, the only one to fix it is government. They've got a legitimate role.
I was an advocate of the deregulation movement and I made - along with a lot of other smart people - a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy. The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.
Is regulation per se bad? Is better regulation bad? I think better regulation is good for the business community, and I think that's something we should get together on.
Deregulation is a popular term that's used across the political spectrum. And it's one of these terms like "choice," that corporate interests have used because they know their focus-group buzzword testing makes it sound like a popular word. Because, who can be against deregulation? Being free, having liberty, not having someone tell you what to do, being deregulated, hey, that sounds great. But deregulation is a non sequitur in the realm of media policy or media regulation. The issue is never regulation versus deregulation; our entire system is built on media policies and subsidies.
With government deregulation and the triumph of financial liberalization, the dangers of systemic risks, the possibility of a financial tsunami, sharply increased.
The problem with Russia is not corruption per se, or even Putin per se. Russian government is not corrupt because Vladimir Putin has absolute power. Russian government has been corrupt and will always be as long as anyone has absolute power.
I was an advocate of the deregulation movement and I made - along with a lot of other smart people - a fundamental mistake. The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.
As a conservative myself that, you know, generally I would have a point of view that less regulation is better than more regulation, but less regulation shouldn't supersede a tax on the fundamentally important institutions that sustain a democratic republic.
You'll have lower prices under deregulation than you will through regulation.
We proclaim human intelligence to be morally valuable per se because we are human. If we were birds, we would proclaim the ability to fly as morally valuable per se. If we were fish, we would proclaim the ability to live underwater as morally valuable per se. But apart from our obviously self-interested proclamations, there is nothing morally valuable per se about human intelligence.
The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets.
How can anyone love someone who is less than a full person, unless love itself is domination per se?
At the next General Election, voters face a clear choice: deregulation and less interference in everyday life with the Conservatives, or yet more regulation and interference under Mr Blair.
Everyone on the Commission assumes that 9/11 resulted from a lack of government action. No one in Washington has raised the question of whether our shortcomings, brought to light by 9/11, could have been a result of too much government.
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