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The banking industry is one of the most regulated industries in the nation and they have been doing far worse than the less regulated industries.Clearly more regulation is not the answer.Oh, and here is latest, congress got upset that they could not stop the retention bonuses at AIG so they wrote a law to tax retention bonuses. Now there are concerns that Fannie and Freddie will lose tons of employees because they are smart enough to jump a sinking ship - unless they can keep giving retention bonuses.Time to read this classic again:http://www.econlib.org/library/Essays/rdPncl1.htmlThat is highly recommended and actually very fun reading for all!!!
The banking industry is one of the most regulated industries in the nation and they have been doing far worse than the less regulated industries.
Clearly more regulation is not the answer.
Oh, and here is latest, congress got upset that they could not stop the retention bonuses at AIG so they wrote a law to tax retention bonuses. Now there are concerns that Fannie and Freddie will lose tons of employees because they are smart enough to jump a sinking ship - unless they can keep giving retention bonuses.
Time to read this classic again:
http://www.econlib.org/library/Essays/rdPncl1.html
That is highly recommended and actually very fun reading for all!!!
