Genoves is obviously ignorant of the fact that noone less than the esteemed erudite Richard Posner has acknowledged that deregulation had indeed gone too far.
It is clear that Genoves, ideologue that he is, has not read up on the latest writings of Posner, who in a recent interview has said
: "I do say that we went too far in deregulating the banking industry". Asked who was to blame for the current economic crisis, Judge Posner answered: "Primarily the deregulation movement"people like me who didn't carve out banking from the other industries to be deregulated."
It might surprise Genoves, who is obviously a hardcore apologist for his ideology, that Posner chided people like him for not realising the depth of the problems:
"On the extreme right are really people who don't want to do anything and let the depression unwind of its own force. And they're very fearful of inflation and of the government getting too deeply involved in the banking industry. I'm sympathetic to those concerns. I just think the situation is too serious to take a laissez-faire view."
But then Posner is an educated enough man to revise his views over time. It is clear that the dimwitted Genoves, who loves to deride FDR and his Keynesian-inspired New Deal, has not taken note of Posner's recent insights, such as where the man wrote
"And then came the financial crash last September and the ensuing depression. These unanticipated and shocking events have exposed significant analytical weaknesses in core beliefs of conservative economists concerning the business cycle and the macroeconomy generally. Friedmanite monetarism and the efficient-market theory of finance have taken some sharp hits, and there is renewed respect for the macroeconomic thought of John Maynard Kenyes, a conservatives' bête noire."