Quote:
Originally Posted by Dantilla
The private enterprise system has already put a stop to the silly loan practices that we have seen the last few years.
Now that it is over, the government wants to insure that it doesn't happen again. A nice thought, just a little bit late.
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On the one hand, somewhere between 10 and 40 years from now, someone is going to come along and try to sell these products again. Look out for phrases like "this time is different" and "the market has fundamentally changed". In that respect, it might be good to have some after-the-fact type of laws.
On the other hand, the government tends to over-regulate, and only have an eye on the current situation. I'd hate for these kinds of products to be outlawed if we discover they can serve some useful purpose in the future. Also, almost all government regulation is a case study in the laws of unintended consequences. You never know what kinds of things may be invented to get around the letter of existing laws and regulations.