The dimension on which regulations are properly measured is not “high” to “low” but “wise” to “unwise.” The US has never had wise banking legislation on the national level (consider Canada as a nation with historically wiser banking regulations). I don’t think characterization of the housing market as more highly regulated during the 40s to 90s is correct either, and when it comes to national laws and incentives I expect that 1940 will look wiser than 1990 which will look wiser than 2005.
And yet their even more highly regulated status from the 1940s through 1990s lead to fewer problems...
The dimension on which regulations are properly measured is not “high” to “low” but “wise” to “unwise.” The US has never had wise banking legislation on the national level (consider Canada as a nation with historically wiser banking regulations). I don’t think characterization of the housing market as more highly regulated during the 40s to 90s is correct either, and when it comes to national laws and incentives I expect that 1940 will look wiser than 1990 which will look wiser than 2005.
Were they, really? Do you have some support for that assertion?