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Sunday, January 16, 2011

Deregulators and Creating (really?) Jobs

Interesting article (which does not absolve Democrats, by the way) claiming deregulation has a negative effect on job creation.

The author was a regulator during the savings and loan crisis, which I remember vividly. My parents, middle managers for a bank and a title insurance company, were so badly affected by this crisis that our family was in financial trouble ever since. This put tremendous stress on my parents and may have made Dad die younger than he would have. It made helping me, one seriously ill woman, difficult, and probably had a bad effect on my disease course--hence my not being able to continue my education or have a career. How the actions of unethical people who head the financial industry harm so many us who are not in positions of power is something I believe is important to think about when we make collective decisions about regulation.

From the article:
"Deregulation, desupervision, and de facto decriminalization (the three "des") created the criminogenic environment that drove the modern U.S. financial crises. The three "des" were essential to create the epidemics of accounting control fraud that hyper-inflated the bubble that triggered the Great Recession. "

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An undergrad economics degree was all I could afford. Alas and alack, it did not guarantee me regular meals.

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Except where individually noted, photos for this blog were taken by xbeepx .