I was an advocate of the deregulation movement, and I made — along with other, a lot of smarter people — made a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy in their consequences. The financial industry undergirds the entire economy, and if it is made riskier by deregulation and collapses … the entire economy freezes because it runs on credit.
Reagan appointed Judge Richard Posner
Viewpoint with Eliot Spitzer // Current TV

Source: current.com

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  1. progressivegroan posted this