That is the questions I asked myself as i read this great piece in the OZ about how regulation of capital markets always fights the last crisis, and risks making the next one worse.
The author Johan Norburg directly contradicts Rudd.
I learned that America has loads of regulation already. I had heard of the mark-to-market rule when accounting asset values, which devalues all companies balance sheets every time there is a stock market dip (even though they have no intention of selling anything). But I did not know about how much regulation started under FDR's New Deal after the depression, and persisted for so long. Note the Fannie Mae was created as part of the New Deal, to give loans to people who cant afford it which led to the current crises now, over 60 years later!
As far as i'm aware Australia is free from all this Socialist hocus pocus.
You little rippah! We can be proud we are at the forefront of Capitalism - that force which makes everything happen.
