Jonathan Macey is one of the world’s most vitriolic opponents of effective financial regulatory cops on the beat. Those regulatory cops on the beat are essential to prevent a Gresham’s dynamic. When cheaters prosper markets become perverse and bad ethics drives good ethics from the markets. Macey’s argument relies on his assertion that we do not need financial regulators because he asserts that the industry is self-correcting because its officers are reliably dedicated to the interests of its customers due to their desire to maximize their executive compensation. His desired anti-regulatory policies have by and large triumphed over the last 30 years, producing the increasing criminogenic environments that drive our recurrent, intensifying financial crises. His assertions have been repeatedly been falsified by reality in those crises, but the worse his predictions fare the more dogmatic and snide he becomes in attacking those whose predictions have proven correct.
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