With our economic and financial crises deepening, government insiders reportedly are debating whether we need to restore some regulation — or not. Given the state of things, we can expect further woes and no regulation.
Why have regulation when JPMorgan can gobble up Bear Stearns for peanuts, with the backstage encouragement and acquiescence of the Federal Reserve Board?
(Stanley Kutler is a UW-Madison professor emeritus of history and law.)