Will re-regulating Wall Street help fix our economy? Will shrinking the power of our financial businesses fix our economy?Posted by: Dishoungh
I don't know if they already even done this. If they already did, I don't think they did a good job of trying.
Yes, that will work
No, that will fail
Regulations will protect our economy. They always have. If you look at the recessions & depressions in our country's history, almost all can be traced to Wall Street running amuck. The only exception, I can think of, was the worst depression (in the 1800's) that came 1 short year after the national debt was paid-off by Andrew Jackson. Money was flowing excessively with no plan for dealing with the huge surplus. A lot of it was returned to states, but the economy just collapsed.
Have you seen the Wolf of Wall Street? It's a (mostly) true story and stuff like that---the taking advantage of the underprivileged---happens all the time. Research those payday loan places, they charge something like a 300% percent interest rate and get away with it. It's utterly disgusting.
The history of this nation is one of risk and reward. Our Founding Fathers took major risks to journey to an unknown land and launch an unprecedented experiment in human freedom and create the United States of America. Generations of patriots have risked everything in defense of this experiment. These roots of freedom have grown into the most dynamic economy in the history of the world. The pattern of American prosperity has held true throughout our nation's history. Just like our founders, entrepreneurs have taken risks, going into uncharted territory to launch new enterprises—and their success has fueled the American Dream. The free enterprise system is the foundation of the American Dream and I fear it's slipping away. Indeed, judging from the rhetoric of some in the political class, it seems that instead of celebrating success, we're now more likely to demonize it. But while vilifying the rich and advocating for hiking taxes on job creators may seem like good short-term political strategy, it's not a long-term vision for growth. The reality is that small business owners are facing a regulatory onslaught from Washington unlike any in recent memory. Government overreach is impeding the engine of economic growth and the uncertainty that comes from political gridlock and partisanship surrounding tax and regulatory reform certainly doesn't make it any easier. Business leaders are rising up to call attention to the fact that government policies are adversely impacting their ability to expand and hire. And contrary to popular belief amongst government regulators, the majority of the American people are with the business leaders on this one. A recent CivicScience/Job Creators Alliance poll found that 54 percent of Americans support reforming particular government policies if successful business leaders said it was preventing them from creating jobs, while only 16 percent of Americans would be less likely to agree. This is consistent with a March Job Creators Alliance/YouGov poll that found a majority of Americans felt a great deal of sympathy for employers who protest burdensome regulations and taxes.
Yet another anti-free market misconception. The language used in this topic implies that Wall Street has been deregulated. The reality is that regulation in finance has been increasing since the days of the founding fathers and finance is actually the most regulated industry in America and is also the most dysfunctional. The electronics industry on the other hand is the least regulated and functions almost perfectly. Look at your empirics and then see which one works, more or less government intervention.