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Just pointing out some basic logic that may or may not be present in the above, but is not apparent either way: Just because one solution fails, it does not necessitate "all solutions fail, the right answer is no solutions". Perhaps the problem was in SO itself. Perhaps the problem is in the concept of regulation. Maybe a systemic fix would work better than bolted on regulation, and better than same system, no fixes at the same time. Perhaps a rethinking of some of those core components would be nicer.

Edit for those who are apparently thinking this is some sort of troll: Why can we look at code, say a scaling problem, and say "the answer is not a bigger server or a tweak on the existing code base, but a rework of the core components to work horizontally" and get kudos, but when similar questions are asked of government/financial systems, it is instantly and unfathomably bad?

Financial regulation is certainly a complex problem, and there are many ways of solving the problem, and my ignorance of the subject is vast.

As to why it's "instantly and unfathomably bad" to get rid of regulation: It seems to me that regulation, most of the time (and for most financial "problems") has worked pretty well. Other countries haven't had any where near as much trouble with, for e.g., the recent housing crisis, because they have had better regulation in place. So, At least as far as I can tell, it looks like regulations work fairly well. It's certainly better than no regulation.

There are already huge amounts of regulations in all sorts of fields, such as education, medicine, pollution, the environment, politics, etc... So we know how to make regulations work. There are certainly problems with regulation but it seems better than any alternative I know of.

So, and this could just be ignorance (or a lack of imagination) but I don't think the problem is in the concept of regulation. I honestly can't think of a systemic fix that wouldn't make things worse.

As far as it goes, the US has far more of a problem when laws and regulations are gamed by insiders for their own benefit, at great expense to everyone else. Another way of framing it is basically the "1% vs. the 99%" debate that's been going for the last year or so. So maybe that points at a systemic fix -- open government, especially open regulation, so it's much harder to game the regulations.

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