San Francisco mega-bank Wells Fargo is in real trouble “from the scandal over the creation of as many as two million unauthorized bank and credit card accounts.”
I highlight this national story because the presidential campaign has revived the longstanding debate over government regulation of industry, such as banking.
It is often pointed out that government regulations are inefficient. … That there is over regulation that stifles job growth and that regulatory agencies are notoriously expensive and wasteful.
And all that is true … it is true. The regulatory system could be better.
But it is a necessary system and it is time to lay the blame for that at the feet of the right people.
Crooked business owners and CEOs.
It is not the politicians’ fault that industry regulations are needed just like it isn’t their fault that there are laws against theft or robbery.
Criminals are going to be criminals and they are going to take advantage of people if they can. Laws and regulations are society’s way to protect itself.
Most people aren’t crooks, but we can’t eliminate laws because of the people who are crooked.
Most businesses aren’t crooks, but we can’t eliminate regulations because of the ones who are crooked.
Does this put a burden on business as a whole, particularly small business? Yes, yes it does.
But aim your ire at the people truly responsible and that’s NOT politicians. It is the unethical and immoral business owners and CEOs whose greed hurts everyone.