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Essay 5

1031 words - 5 pages

Regulation is defined as a law, rule, or other order prescribed by authority, especially to regulate conduct. Deregulation is defined as to remove government regulatory controls from an industry, a commodity, etc. The big question is can an institution of any type able to self-regulate in an appropriate manner. Are they able to put profit to the side for the health and safety of people? Are they capable of making ethical decisions and to not adversely affect people? Does the past indicate this? And if they display good judgment should regulation be scaled back?
Banking institutions and big business have done severe damage to the American
economy and destroyed millions of lives, many times. Panics, depressions and recessions riddle our history. The Panic of 1797, one of the first major economic problems in the United States, this involved the land speculation bubble bursting. Depression of 1807, under then President Thomas Jefferson involving trade embargo to avoid being dragged into the conflict between Britain and France. These tactics did not work, resulting in the war of 1812 and the U.S. capitol being burned down. Panic of 1819, state banks collapsing over demands of spices, resulted in high foreclosure rates and high unemployment. 1815-1821 depression, involving land speculation again. Panic of 1837, resulted in a 6 year depression, this time involving cheap land and real-estate investment going bad, causing 40% of banks to fail. Panic of 1873, the boom and bust of the rail road, caused the stock exchange to cease trade for 10 days. 18,000 business failed and unemployment was at 14%. Our most profound depression yet is the Great Depression, kicked off by the 1929 stock market crash. Shanty towns popped up, 1 in 4 Americans lost their life’s savings, 40% of the nation’s banks failed, 80% value of the industrial stock lost, and an unbelievable 25% unemployment rate. The great depression lasted for 11 years. Our most recent the Great recession of 2008, a burst of the almost 8 trillion housing market. Shady dealings of banks and brokers, allowing people to have home loans without income verifications in some cases, inflatable arm loans. Then bundling and selling off these loans that turned into toxic assets on the market. If that wasn’t enough they took out insurance on these toxic loans, which AIG backed. When banks and brokers came to collect on their hedged bets, it was almost collapse AIG. This started a chain of near bankruptcy and the act of the bail out or TRAP.
Under President Franklin D Roosevelt, a man named Ferdinand Pecora, was responsible for exposing the shady dealings of big banks, tax evasion, self-dealing, and bad speculations, which resulted in the Glass-Steagall act of 1933. Pecora wrote in his book Wall Street Under Oath, “Under the surface of the governmental regulation, the same forces that produced the riotous speculative excesses of the ‘wild bull market’ of 1929 still give evidences of their existence and influence.…...

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