Prominent Reaganite says what we all already know - deregulation wrecked the economy

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Judge Richard Posner says he probably misspoke when he advocated less government intervention in the private sector.

Posner, a judge with the Chicago-based 7th U.S. Circuit Court of Appeals, tells U.S. News & World Report that he should have added a qualifier. “I've always been a strong supporter of deregulation, and I should have said deregulation in everything but banking,” he says.

The banking system is different, he says, because it’s “the arterial system of the economy. If you don't have bank borrowing and lending, almost all economic activity will take a severe dive.”

Posner spoke to U.S. News in an interview to promote his new book, A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression. The book examines the origins of the banking crisis in terms that lay readers can understand, according to a Washington Post review.

So who’s to blame for the economic downturn? “Primarily the deregulation movement—people like me who didn't carve out banking from the other industries to be deregulated,” Posner tells U.S. News.

http://www.abajournal.com/news/judge_posne...conomic_crisis/

Edited May 13, 2009 by Randomizer

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Judge Richard Posner says he probably misspoke when he advocated less government intervention in the private sector.

Posner, a judge with the Chicago-based 7th U.S. Circuit Court of Appeals, tells U.S. News & World Report that he should have added a qualifier. “I've always been a strong supporter of deregulation, and I should have said deregulation in everything but banking,” he says.

The banking system is different, he says, because it’s “the arterial system of the economy. If you don't have bank borrowing and lending, almost all economic activity will take a severe dive.”

Posner spoke to U.S. News in an interview to promote his new book, A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression. The book examines the origins of the banking crisis in terms that lay readers can understand, according to a Washington Post review.

So who’s to blame for the economic downturn? “Primarily the deregulation movement—people like me who didn't carve out banking from the other industries to be deregulated,” Posner tells U.S. News.

http://www.abajournal.com/news/judge_posne...conomic_crisis/

Damn!