On the eve of the crisis there were 115 state and federal institutions whose job it was to regulate the financial sector. We are to believe that if only we’d had 116, things would have been better?
https://www.lewrockwell.com/2018/10/thomas-woods/deregulation/
By Tom Woods
Ten years after the financial crisis of 2008, your friends are still saying the same thing:
“Don’t you libertarians know the financial crisis was caused by deregulation?”
It was not in any way caused by deregulation. We have to get this right, and we can’t let it pass.
F.A. Hayek once noted how important history was to current events: if we misunderstand history, we’re going to do the wrong things in the present. So if we think the late nineteenth century was characterized by “monopolies” from which wise government officials rescued us (and, unfortunately, this is indeed what most people believe), we’ll have different views on antitrust law than we otherwise would. Likewise, if we think the Great Depression was caused by “laissez faire,” that will influence the kind of economic policy we advocate today… Read the rest of this entry »
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