What is Reddit's opinion of Engineering the Financial Crisis: Systemic Risk and the Failure of Regulation?

From 3.5 billion Reddit comments

They are simply wrong. Its as simple as that.

>Like when they mention the repeal of glass-steagal?

Ask them how exactly it caused the crisis. Most willl not answer because they cant. If you have a smartass he will say something like 'it seperated investment banks and normal banks and that would have stopped risky investment' or some variation of that.

Then ask why this law existend in the first place. The idea was that you could save normal banks and not save investment banks. Then point out that all the banks that got saved or went bust where investment banks.

> The idea that if the banks weren't regulated enough so they could give out loans to anyone they pleased?

Point out to them that the coverment forced them to lone out more: http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Also show them how Fanny and Freddie pushed down prices, making it much more profitable to go into housing.

> What is your counter to this arguments and why would this kind of regulation be futile in your opinion?

The complexity is too high, the system is so complicated and allready has +10000 pages of regulation, knowbody knows how these regulations all do, knowbody can correctly implment them, nobody can correctly controll them and many of them are contradicting each other. See here:

> http://www.amazon.com/Engineering-Financial-Crisis-Systemic-Regulation/dp/0812243579/