In the debate between those who believe in essentially unregulated markets and others who hold that reasonable regulation diminishes market excesses without inhibiting their basic function, the subprime situation unfortunately provides ammunition for the latter view.
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Frank in an op-ed piece "A (sub)prime argument for more regulation" in W:Financial Times (August 2007)Barney Frank
Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.
Nouriel Roubini
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
John McCain
The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.
Paul Ormerod
Even in financial markets, the concept of market efficiency does not hold.
Paul Ormerod
You can go to any major history and see the effect of unregulation. The very point of developing regulation around industrial society was that they were not only exploiting the workers to death they were befouling the planet, so regulation came because of that. What the right wing wants is for the public to have this role in the societal debate over balance of these issues and no power. The public power to confront these errors of industry is government regulation.
Chip Berlet
Frank, Barney
Frank, Hans
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