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<blockquote data-quote="CHICALOCA" data-source="post: 3264562" data-attributes="member: 136096">David,There may well be a case for there being more deceit in the financial services industry, but you can see that this isn&#039;t really the norm across the wide range of goods and services provided by private business. A lot of business is run ethically. I don&#039;t think it&#039;s really a fair argument against privatisation in general to be based on this one industry out of such a broad range. The simple answer is it needs/ needed better regulation and an agency that kept a check on it. Especially the retail market, which should have really been fenced off beyond a certain level of risk well before now. Just look what the Cypriots are going through now because of all this - many people that I know are being effected by what&#039;s happening over there in the economy and with the banks. It&#039;s not like we privatised this industry, we loosened the regulations, but completely let it get out of control. There&#039;s not really such thing as an unregulated industry but that&#039;s what it has felt like with the banking and financial sector to many people.When I posted earlier about &quot;special cases&quot; in regards to industry. Money is right up there at the top of my list. I think what aikiwolfie posted about the government getting involved in lending to the public and small to medium sized business would be a good idea, for example.</blockquote>

[QUOTE="CHICALOCA, post: 3264562, member: 136096"] David, There may well be a case for there being more deceit in the financial services industry, but you can see that this isn't really the norm across the wide range of goods and services provided by private business. A lot of business is run ethically. I don't think it's really a fair argument against privatisation in general to be based on this one industry out of such a broad range. The simple answer is it needs/ needed better regulation and an agency that kept a check on it. Especially the retail market, which should have really been fenced off beyond a certain level of risk well before now. Just look what the Cypriots are going through now because of all this - many people that I know are being effected by what's happening over there in the economy and with the banks. It's not like we privatised this industry, we loosened the regulations, but completely let it get out of control. There's not really such thing as an unregulated industry but that's what it has felt like with the banking and financial sector to many people. When I posted earlier about "special cases" in regards to industry. Money is right up there at the top of my list. I think what aikiwolfie posted about the government getting involved in lending to the public and small to medium sized business would be a good idea, for example. [/QUOTE]

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