Thursday, December 3, 2009

Dept of Huh???

From Time's tedious "Decade from Hell" cover story, on the 2000s:
Bankers and financial engineers had an unsupervised free-market free-for-all just as the increased complexity of financial products — e.g., derivatives — screamed out for greater regulation or at least supervision. Enron, for instance, was a bastard child of a deregulated utilities industry and a mind-bending financial alchemy.
This is simply not true. The financial sector is, as has been, one of the most regulated. And to say that utilities were "deregulated" is a misrepresentation of what actually occurred, which was more like "re-regulation."

Repeating a lie over and over again does not make it true. But it does make it stick.