Each regulation puts money in someone's pocket and therein lies the problem. It can be money directly, or indirectly through control of regulatory agencies and handing out favors. Either way, some politician gets power and/or money and they won't let it go. Politicians think they can do a billion simultaneous equations per second better than a free market can. It is so discouraging...
Politicians think they can do a billion simultaneous equations per second better than a free market can. It is so discouraging . . .
Yuppers. The politicos are all on somebody's payroll. Right now Wall Street is the obnoxious hinge that gets oiled. In a few years a bunch of rich weasels will go to prison. Then the politicians will other special interest groups to support their spendthrift ways.
The Brits have a more 'objective view.' They simply blame U.S. lack of control for the mortgage crisis and all its unintended consequences.
IMF Gives Bleak Warning on Dangers of Global Recession
Excerpt:
World prospects have deteriorated sharply, with the US economy tipping into recession and a one-in-four chance of global recession, as the toll mounts from the “largest financial shock since the Great Depression”, the IMF said yesterday.In a bleak assessment, the International Monetary Fund said the world was in the grip of a major financial crisis, fuelled by a US housing slump that continues full blast. It drastically cut its forecasts for the United States and other leading economies over this year and next in its latest World Economic Outlook. * * *
Pointing to a series of dangers that could lead to an even worse outcome for the US and Europe, the Fund said there was now a 25 per cent chance of global recession, defined as world output growth falling to 3 per cent or less. * * *
The grim assessment of American prospects points to the weakest showing by the US economy, both this year and next, since the deep recession of 1991, when GDP fell by 0.2 per cent, and challenges the US Federal Reserve’s prediction that the US will rebound strongly next year. * * *
The Brits also discount Helicopter Ben's crystal ball pronouncements. 'I wonder why?,' laughingly . . . Check my FR page to find out . . . If you are so inclined.