Big business slant caused BP, financial disasters

posted by
August 9, 2011
Opelika-Auburn News
by Roderick T. Long  
Posted in Commentary, LTE

"The grain of truth in the idea that crises are caused by deregulation is that when government grants special privileges to banks and corporations, and then removes restrictions on how these privileges are exercised, perverse incentives take over and catastrophic results predictably ensue. But the problem is the initial regulations that create the privileges in the first place. Unchaining a state-privileged entity is not a decrease in state intervention; rather the contrary." (08/09/11)
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