Michael Mandel handed glibertarians some first-class wanking material when he wrote a paper arguing that the real problem with the post-millennium economy has been...drum roll... too much regulation. Of course, common sense tells us that the banking/lending industries were, if anything, almost totally unregulated. But it's hard to dispute the hard facts, which Mr. Mandel happily provides:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj73HHTurkHXDRSm_h_LapxOIXypAQUVhghxQq_KhZwD1opyfn2d21vqejeSldoJAykfXj8ElT7qRlnoTk2TFr-bARvO7KIRxi97e2D6ChChAY3wvSfzdARAstRwzG6Dak23j_T/s400/regulatory.png)
Wow! Hard to argue with that. Unless, of course, one bothers to peer a little more deeply into those Dudley & Warren BEA numbers Mandel cites:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcnrm9lM0IXUDE5tAY_jNV3_ahcJBufxJU-T6amaXUIMcuxbzOrE14sce5bBf5XM2BrxBJZn44fCxcMcTWiEMMKgx3CkomGeVe_l5TKISTruiS7Ju-1rOLiUEuRct_uwT3GrqR/s400/2011_2000_difference.jpg)
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