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Message: Bill Bonner rips at Facebook etc

I have to disagree with you ebear. The problem was not lack of regulation but lack of enforcement. The rules that are already in place are not being enforced. Nobody has gone to jail because the government has been captured by the financail industry.

Well, Glass-Steagall was repealed, then there was deregulation in the 80's that led to the S&L crisis, and of course the ultimate deregulation, going off the gold standard.

Granted, what regulation remains is not being enforced. I do see your point though. Most of this wouldn't have happened if not for special interests capturing the legislature, which is what my other post addressed, re. term limits and campaign finance reform.

I'm not optimistic though. The present situation is similar to removing the governor from a steam engine (for any of you who remember those things). The engineering term is negative feedback, explained here: http://en.wikipedia.org/wiki/Negative_feedback

Well, we don't have any of that now, which is the essence of my point. This thing will just keep running out of control until either the boiler explodes or the train leaves the track. The best we can hope for is to be far enough away that we don't get hit by flying shrapnel.

ebear

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