05-20-2017, 03:35 PM
(This post was last modified: 05-20-2017, 03:35 PM by Warren Dew.)
(05-20-2017, 09:02 AM)pbrower2a Wrote:(05-20-2017, 05:41 AM)Warren Dew Wrote:(05-19-2017, 01:53 PM)David Horn Wrote: The same logic applies to the SEC, CPSC, and a hundred other agencies and oversight bureaus and commissions. Whining seems to happen when things are actually going well, on the assumption that will continue in that fashion without the oversight.
First time I've heard of the financial crisis characterized as "actually going well".
Recovery. Things start to go right. There are fewer bankruptcies. Jobs open, and people laid off go back to work. Personal debt starts getting cut into, and loans in default are lesser in number and severity.
One does not go from the delusional prosperity of a bubble through the recognition of its failure to an achievement of prosperity that fits the delusion of the late bubble overnight. But frauds must be liquidated. Delusions of paper profits must become recognition of their falsity. It's like saying that the first step to sobriety after a drunken bunge is the hangover.
The fact that there were frauds and a delusional bubble prove that the regulation was not performing its intended job. Why keep it around when it doesn't work?