WILLIAMS: Old Phony Regulations Crimp Financial Innovations

Washington Times (June 3, 2012)  Have you ever stopped to think about how the breakup of AT&T revolutionized the information and communications technology market? Most people probably haven’t, but in 1984, the end of the regulated monopoly ushered in an era of unprecedented competition and innovation … Given their prevailing 20th-century mentality and saddled with new and burdensome regulations, banks have little incentive to develop affordable credit options to serve the needs of millions of American consumers. I’m not talking about the Warren Buffetts of the world; I’m talking about people who wake up every day worried about the future – which unfortunately accounts for most of us. A report released by the Corporation for Enterprise Development found that 127.5 million people are liquid-asset poor, meaning that a sudden loss in household income would leave them below the poverty line in just three months.


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