Mike Mish: http://globaleconomicanalysis.blogspot.com/2009/09/i-endorse-peter-schiff-for-senate.html
The only regulator we need is a sound money supply and the elimination of fractional reserve lending. Everything else is just as Schiff put it “American Fascism”. Here is a simple way of looking at things.
- Do we need someone to regulate Fannie Mae or do we need to eliminate Fannie Mae?
- Do we need regulators to look at rating agencies or do we need to eliminate government sponsorship of rating agencies? (If you don’t know the answer please see Time To Break Up The Credit Rating Cartel.)
- Do we need regulators to watch over bank lending or do we need to promote sound money practices that are by definition self-regulating?
In every instance, regulation has created a problem, yet the universal screams are for more of what has already failed.
