“I was an advocate of the deregulation movement and I made - along with a lot of other smart people - a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy. The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.”
Quote by Richard Posner
Author
Richard Posner
Richard Posner, born on January 11, 1939, is an American jurist, economist, and author. He has made significant contributions to the fields of law and economics, particularly renowned for his work in law and economics. more
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