Walter E Williams - Deregulation

Professor Walter E Williams shares his thoughts as to whether deregulation caused our economic crisis. http://www.LibertyPen.com

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[bodryn]

@FartyFace  Well, don't you know that the socialism that prevails in the US is CORPORATE SOCIALISM? They expect the common people to tighten their belts, but give big tax breaks to corporations, including globalist corporations that have no loyalty to the US! Taxpayers in the US are suckers, paying to bail out not only American banks, but now we hear the American bank system is going to bail out the Euro?!? As for which one is which, you certainly must know we need GOOD regulation.

[FartyFace]

@bodryn Whoa whoa whoa... You just said 2 totally contradictory statements. You claimed this was the result of "deregulation" then immediately afterwards you said that "governments agreed to back up the large private banks".

Sorry my friend but thats not deregulation. Thats SOCIALISM. You just blamed government and its socialist regulatory policies for the economic crisis. It can't be both. Which one is it? Too much government intervention or not enough government intervention?

[mpc91]

@bodryn - As for Bastiat's Broken Window Fallacy - which shows why public works projects don't actually create jobs, it uses a parable. In short, a store owner's son breaks one of his windows. The other people in town claim that this is an economic good, since the owner must now buy a new window, and give business to the glazier - this is the seen good. But the unseen cost is what the owner would have otherwise bought. He could have had a suit, and a window, now he just has a new window.

[mpc91]

@bodryn - But since you're too lazy - "regulatory capture occurs when a state regulatory agency created to act in the public interest instead advances the commercial or special interests that dominate the industry or sector it is charged with regulating."

This is why adding regulation does not limit big business. This goes back to FDR, and his NRA. Government and business working together to keep prices high, and competition out of the market. The people suffer for it.

[mpc91]

@bodryn - I have been debating issues with you as they come up, for quite some time. But you keep ignoring them and plowing on with untruths and myths. I'm tiring of your ignorance, and regurgitation of standard Keynesian big government myths.

Bastiat's Broken Window Fallacy addresses your support for FDR. In short, it is about what is seen and what is unseen. You should also look into Regulatory Capture. It shows why added regulation does not produce the desired result.

[bodryn]

@mpc91 I'm sure that anything I might say you would either regard as an insult or a fallacy. Telling me to read something is not the point. You ought to be able to, in your own words, debate issues as they come up. However, you've had your chance of just engaging one on one in a real world way and this puerile exchange is just a waste of my time.

[mpc91]

@bodryn - You seem to have no compunction about insulting or offending me, so why should I extend to you anything else. You may have taken a year of Keynesian economics, but clearly, you haven't taken anything that pertains to the real world. You keep repeating the same fallacies, and Hazlitt gets to those quite quickly. I've read Keynes, why don't you try Hazlitt? It's one chapter.

[bodryn]

Today, because of 30 years of foolish deregulation on Wall Street, and because governments worldwide have now agreed to back up the large private banks with money with taxpayer paid guarantees, the world economy will now begin it's inevitable decline into something resembling a worldwide Weimar Republic.  Look it up, folks - may as well get ready while you can. Just remember, the big bailouts began under GWBush in 2008. Too big too fail, due to deregulation.

[bodryn]

@mpc91 I am not into ignorant state worship, either. I value liberty and reason too much, too. As for educating myself about economics, I already have taken a full year of it - I don't need "lessons" in it. That is insulting, no? A way of trying to tell me I'm ignorant about stuff just because you see things differently. That is an arrogant and ultimately foolish way of trying to convince somebody of anything. It merely offends, and teaches NOTHING.

[mpc91]

@bodryn - Sorry, but I'm just not into ignorant state worship. I value liberty and reason too much.

Try educating yourself, read some Murray Rothbard, or even easier, Henry Hazlitt's "Economics in One Lesson" - it's available free online.