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Price controls failed; high taxes failed; regulation was outmoded.
However, even in this area there have been serious issues of unnecessary secrecy and failed regulation.
"We're not going to accept to pay for the broken dishes of a failed regulation" and a "corruption of capitalism," he said Thursday.
Pointing out that the best of journalism – Nick Davies's reporting – had driven out the worst, he added: "Over the coming period we'll hear many uncomfortable truths about failed regulation, distorted priorities, illegal practices and a betrayal of both the public and the public interest.
And what does this all have to do with reforming the failed regulation of Wall Street?
The other day, another disheartening story about failed regulation made its way into the headlines.
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FINDS OTHER MEANS FAIL Regulation and Segregation Do Not Put Christ-Like Ways Into Life of Nation, He Declares.
Dr Barbara Lane, a technical expert, said a "culture of non-compliance" had meant more than 100 fire doors failed fire regulations.
This could be related to the failed up-regulation of T regulatory cells for suppressing autoreactive T cells (Adorini 2003).
If, for example, political authorities are allowed to pressure banking regulators into bailing out banks that should be allowed to fail, then regulation will lack credibility and market discipline won't work.
Since 2008, we have heard about the housing bubble, subprime mortgages, banks "too big to fail," financial regulation (or the lack of it), and the European debt crisis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com