ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles By William K Black

Those Who Forget the Regulatory Successes of the Past Are Condemned to Failure

Contrasting and analysing the role of regulation and regulators in dealing with two financial crises in the United States brought on by epidemics of control fraud - the us savings and loan debacle of the 1980s and the ongoing financial crisis that first became acute in the us non-prime mortgage sector - this essay argues that there is no substitute for effective regulation. Deregulation, which relies on private market discipline does not prevent or contain such epidemics. On the contrary, it fosters a climate that encourages them.