On Thu, 13 Aug 2009 20:02:08 -0400, Daniel Bastos wrote:

>> Capitalism and "self-regulation".  Isn't the latter what got us into
>> this mess in the first place (at least in part)?
> 
> What you mean (or what is meant) by self-regulation? Some effect of free
> trade?

Self-regulation means that the industry regulates itself, or provides 
"guidance" to the regulating body by making up the rules for themselves.

So, in the case of the banking industry, there are allegations (I don't 
know whether they're true or not, but I have my suspicions) that many of 
the banking regulations in place now were written by people in the 
banking industry.  Thus, they set rules that allowed them to get away 
with the shenanigans that got us into our current economic situation.

Jim

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