Well it is like this... it is not quite as simple as such two paragraph statements would have you believe. There has been de-regulation of the kinds of rules and laws that added nothing to safety but made the economy inflexible. The same thing occurred in the labour market. But on the other hand there has been a tightening on banks liquidity requirements, on monopolies and a whole raft of other rules that were there to provide safety and security. But it seems the USA did only the first part (remove restrictive regulation) and didn't implement part two - implement new safety and security guidelines.
-----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Bob Calco Sent: Tuesday, 17 February 2009 8:30 AM To: 'ProFox Email List' Subject: RE: [OT] Federal Obligations Exceed World GDP > Too much bungee jumping and too many words. The failure has been lack > of > financial regulation. The detail of that is of course the subject of a > treatise but it doesn't change the overriding overall fact that the > failure > has been one of regulation. You spend so much time on the details that > you > end up missing the big picture. The DETAIL of the financial regulatory > inadequacies is a big topic, the fact of their inadequacy is not. And > the > reference to 'foreign alliances' is an offensive one. Your financial > mess is > one entirely of your own making. It has been decades in the making and > will > be many years in the recovery. It was caused by both parties and a > string of > exceptionally bad policy. And I live in a country that has done the > exact > opposite and is benefitting from it now. OK. I actually agree with you on this point. Your government has been freeing up your economy and prudently regulating its monetary system, while ours has been saddling our economy with massive public and private debt through mindless interventionism in the name of "affordable housing" and other noble causes. Obama, like his two predecessors, is just going faster and harder in the wrong direction. > No bank bailouts, no massive > handouts to companies far and wide and no imminent collapse of the > housing > sector. Frankly, the Obama administration could do a whole lot worse > than > take a look at what we have done in our financial sector and duplicate > it. A > recent IMF and OECD report listed Australia in the top 4 economies in > the > world. This wasn't by accident. The same report listened USA as 41st. > > Less details bob and few more bald uncomfortable facts. Like the inconvenient fact that the trend in Australia the last 15 years has been toward privatization and de-regulation? - Bob [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
