This is EXACTLY where I was getting at. People raise their fists at big-tech and big-finance for creating a bubble whose splash damage will hurt everyone, but it's ultimately the government's job to monitor, regulate and prevent this.
The reality is even worse than this. It's not that the government is asleep at the wheel, it's that all financial crises were caused by government intervention to begin with (2009 subprime government backed mortgages, 2020 covid money printing, etc). The big banks, corporations and wall street were only taking advantage of the situation the government helped create in order to enrich themselves.
Average people would have also loved to have taken advantage of it to enrich themselves, if they could understand the system well enough to game it, and some do, so it's not like the blame is only on one participant, but pretty much everyone is to blame:
- the government for creating asset bubbles and closing an eye as it is inflating
- corporations and super wealthy for being greedy and exploiting the system created and run by the government
- the voters for being uneducated and stupid and not seeing the government rob the blind, or for being greedy and complicit on the asset bubble for personal gain, and not holding the government accountable
Maybe I'm misunderstanding your position, but no regulations is certainly not better than some regulations, assuming the people in government positions have the actual best interests of the country in mind. Deregulation specifically led to the sub-prime mortgage crisis and the current situation, not the existence of regulations itself.
>but no regulations is certainly not better than some regulations,
I never meant such a thing.
>assuming the people in government positions have the actual best interests of the country in mind
They don't. They care about themselves and the lobbyists paying them, and sometimes they throw you a bone to win an election.
>Deregulation specifically led to the sub-prime mortgage crisis and the current situation, not the existence of regulations itself.
Deregulation is also a form of regulation because the government is the one that removes the previous safeguards put in place via new regulations. And Clinton was the one responsible for the sub-prime mortgage deregulation.
The reality is even worse than this. It's not that the government is asleep at the wheel, it's that all financial crises were caused by government intervention to begin with (2009 subprime government backed mortgages, 2020 covid money printing, etc). The big banks, corporations and wall street were only taking advantage of the situation the government helped create in order to enrich themselves.
Average people would have also loved to have taken advantage of it to enrich themselves, if they could understand the system well enough to game it, and some do, so it's not like the blame is only on one participant, but pretty much everyone is to blame:
- the government for creating asset bubbles and closing an eye as it is inflating
- corporations and super wealthy for being greedy and exploiting the system created and run by the government
- the voters for being uneducated and stupid and not seeing the government rob the blind, or for being greedy and complicit on the asset bubble for personal gain, and not holding the government accountable