We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
... 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.
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.
Donny "The Bear Jew" Donowitz
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.
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)
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
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?
Donny "The Bear Jew" Donowitz
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.