Swamped by Rules! - Which Ones Should Go?

Patrick Boyle On Finance

Patrick Boyle

Business, Investing

4.9 • 308 Ratings

🗓️ 22 December 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

There is a long history of regulation and deregulation where big scandals provide the catalyst for new rules, and then the realization that the rules are possibly excessive has caused them to be rolled back. In finance the 1933 Glass-Steagall provisions came in the wake of the 1929 Crash. The 2002 Sarbanes-Oxley Act was a reaction to the Enron and WorldCom scandals. Dodd-Frank was enacted in 2010 after the 2008 financial crisis. Good regulation can bring all sorts of benefits, but excessive regulation, does little to serve the public interest, and creates financial costs and frustration for businesses and the public. Elon Musk has vowed to dismantle thousands of federal regulations as the co-head of the Department of Government Efficiency, or DOGE, saying the nation’s financial security depends on it. Is he right, and if so, what rules need to go first? Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel: Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Business Inquiries ➡️ sponsors@onfinance.org Additional Reading: https://regulatorystudies.columbian.gwu.edu/brief-history-regulation-and-deregulation An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments | Journal of Political Economy: Vol 81, No 5 https://www.cato.org/publications/policy-analysis/jones-act-burden-america-can-no-longer-bear#conclusion https://worksinprogress.co/issue/how-madrid-built-its-metro-cheaply/ Milton Friedman Video: https://www.youtube.com/watch?v=dZL25NSLhEA A history of regulation and deregulation: https://regulatorystudies.columbian.gwu.edu/brief-history-regulation-and-deregulation Weird Laws Around the World: https://www.farandwide.com/s/weird-laws-world-4961c1ede8d749bf

Transcript

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0:00.0	Where the hell am I?
0:02.0	It's a fighting tournament.
0:04.0	To the death.
0:05.0	It's called Mortal Kombat for a reason.
0:09.0	The tournament begins.
0:11.0	Johnny Kaye, you have been chosen to fight.
0:15.0	Coming or what?
0:16.0	I'm an actor. I can't do this.
0:18.0	You're fighting for the fate of our world.
0:22.0	Get over here!
0:24.9	Mortal Kombat 2. In Cinemas May 8. Book tickets now.
0:28.6	It's show time.
0:30.3	Last week, we talked about some of the wackier laws and regulations in Argentina, which is considered to be one of the most regulated economies
0:38.6	in the world, with rules about pretty much everything.
0:42.2	People in the comments section mostly agreed with the requirement to put a hat on your
0:46.6	horse on hot days, mostly because they liked the look.
0:51.0	But many of the other regulations that built up in Argentina over decades of populist
0:55.9	rule only served to slow down economic activity and impose unintended costs on society.
1:03.3	Argentina shouldn't be singled out too much for its wacky rules, though. There are strange
1:08.8	rules and regulations all over the world. The Salmon Act
1:12.7	of 1986 makes it a jailable offence to handle a salmon in a suspicious manner in the UK.
1:20.6	Russia, Belarus and Kazakhstan made it illegal to wear lacy underwear a few years ago,
	...

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