How can anyone argue that financial regulation is bad? During the 40’s, 50’s and 60’s when the memory of the Great Depression was still fresh on everyone’s mind and the middle class was enjoying an across the board increase in living wages, job security, educational prospects and retirement and health benefits, the regulatory laws established in the early thirties held in place. When the 70’s came and the congress started tweaking the laws, that was the start of a subsequent financial debacle each following decade, the debt shock of the 70’s and 80’s involving Mexico, Venezuela’s sovereign debt and Citibank, the S & L crisis of the 80’s, Enron and so on.Lobbyists have been around forever, Teddy Roosevelt railed against their gross influence on our politics, when are we going to wake up and ban them once and for all? There has to be a way for the ordinary people to be heard by their representative without tainting our democracy which is what the lobbyists have always done. This isn’t new and their power to sway things their way isn’t new what would be new is if we eliminated their power once and for all.
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