Originally Posted by bmulls
The aim of deregulation is to grow the economy, not create market bubbles. Do you think republicans secretly wanted the recession to happen or something?
You should be arguing for better oversight and stiffer penalties (criminal penalties) for people who take advantage of the rules, not arguing against the rules themselves.
Obviously the Republicans didn't want a recession or a depression when they created the bills effectively destroying Glass-Steagall. They were just acting on behalf of the big banks who wanted to free themselves of the regulations that were put in place to avert the sort of calamity we ultimately experienced in '07-'08. 'Better oversight' is what was in place before Senator Phil Gramm (who was McCain's economic advisor during his campaign and denied we were experiencing a recession mind you) took it upon himself to undo all of that and give white collar criminals the green light to gamble with our economy.
Again, as far as I know there has never been an economy that was 100% lassiez-faire, and there's a reason for that. We have seen the result of even a taste of deregulation- financial calamity and recession/depression. Why are some on the right still calling for a redo?
You get a pass for a mistake as long as you learn from it. But like the old saying goes- fool me once, shame on you, fool me twice, shame on me.