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Thursday, June 2. 2016

The Myth of Financial Market Deregulation

At Norbert Michel's piece on the topic:



... virtually all financial market activity has taken place under the watchful eye of federal regulators since at least the 1930s. True deregulation would establish a market where no government agency regulates the types of products and services people are allowed to produce and purchase. This type of financial market does not currently exist in the U.S., and it certainly did not exist prior to the 2008 crisis. Financial regulators have increasingly micromanaged financial firms’ activities despite the fact that this approach has repeatedly failed to prevent financial market instability.


Posted by The Barrister in Hot News & Misc. Short Subjects at 15:47 | Comments (6) | Trackbacks (0)

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1. if you shut down the SEC, the existing 50 state blue sky regulating agencies will triple in size and reach.

2. unless you don't think securities regulations are necessary, in which case, welcome to the year 1910.
#1 Donny "The Bear Jew" Donowitz on 2016-06-02 20:56 (Reply)
Because The Fed and the SEC have done of bang up job of stopping the boom-bust cycle...
#1.1 Ken in NH on 2016-06-03 10:43 (Reply)
what are you trying to say? that you're in favor of 50 different state-SECs doing that the fed does now?

or that you don't see a need for any securities regulation?
#1.1.1 Donny "The Bear Jew" Donowitz on 2016-06-03 13:20 (Reply)
I don't see a need for securities regulation and there is no constitutional authority for the federal government to do that (in my estimation, but then I'm no supreme court justice). As for the 50 states, I am opposed to securities regulation by my state. The other states can do as they please.
#1.1.1.1 Ken in NH on 2016-06-03 16:50 (Reply)
The first step is to admit you have a problem. America needs to admit that we have been on the path to the economic socialism of the fascist and Nazi form and have been even before they came to power.

QUOTE:
The slogan into which the Nazis condensed their economic philosophy, viz., Gemeinnutz geht vor Eigennutz (i.e., the commonweal ranks above private profit), is likewise the idea underlying the American New Deal and the Soviet management of economic affairs. It implies that profit-seeking business harms the vital interests of the immense majority, and that it is the sacred duty of popular government to prevent the emergence of profits by public control of production and distribution.

....

There is the Soviet pattern of all-round socialization of all enterprises and their outright bureaucratic management; there is the German pattern of Zwangswirtschaft, towards the complete adoption of which the Anglo-Saxon countries are manifestly tending; there is guild socialism, under the name of corporativism still very popular in some Catholic countries.

von Mises, Ludwig (2010-12-16). Planned Chaos (LvMI)
#2 JK Brown on 2016-06-02 21:19 (Reply)
Zwangswirtschaft (German) is an economic system entirely subject to government control. "Zwang" means compulsion, "Wirtschaft" means economy. The English language equivalent for Zwangswirtschaft is something like compulsory economy
#2.1 JK Brown on 2016-06-02 21:20 (Reply)

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