The best way to achieve change, and for legislation and regulation to work, is for it to grow from and reflect the beliefs and behaviours of the general public as a whole".
In short, for regulation to work it needs relentless policing.
The Dodd-Frank financial reform act put it into law, and the relevant regulators have proposed a detailed and credible set of regulations to make it work.
When the minimum wage bill was killed by a Republican filibuster in the Senate, Obama changed federal regulations to make contractors working for the government pay a living wage.
Mr. Obama must now make the argument that he is serious about enforcement and that if regulations are to work in a global economy, banks around the globe will have to adhere to the same regulations.
An honest assessment of the way that regulation affects jobs and growth, compared with the effects of deregulation, will conclusively prove that the only way to put America back to work is by putting regulations back to work for us.
The formula of controlling business through shares rather than regulation seemed to work well, so the government used it wherever possible.
Ofcom said that while PSBs – ITV, BBC, Channel 4 and Channel 5 – would benefit financially, there would need to be heavy regulation to make it work and there are no guarantees how the windfall of funds would be spent.
It has also shown that deregulation does not mean no regulation: for it to work, independent regulators are necessary.
"There isn't the infrastructure, nor the markets, nor the prices, nor the regulations for this to work," he said.
