Look around...those controls are here as well...
Europe hasn't suffered the severe fate the US has because of some of them controls....
Them are controls here...only more subtle....
And ..Define controls?
Wouldn't you say..letting the foxes run the hen house here...because of lack of controls hasn't hurt somewhat?
If you check closely, you'll find that Europe's bank problems are roughly 2.5 times as severe as those in the US, on a per-unit basis. Ambrose Evans Pritchard, a noted London commentator, has been repeatedly pointing this out for over a year now, but our press seems highly reluctant to pick up the story. (Here's his home page-- look about a year back in particular.)
Ambrose Evans-Pritchard - Finance and business comments - Telegraph
In their case, they invested in bubbling real estate mostly in Spain, London, and Eastern Europe. They haven't any more hope of getting their money back than our banks do, and have in many cases been bailed out as well. (Pritchard says they're being much less cooperative and constructive than US banks.) They accepted _far_ higher asset-ratio risks, particularly in Germany and France. Also, I'll mention in passing Iceland's banking collapse. So, whatever regulations might be needed, I won't look towards Socialists for answers. (In fact, I blame socialism and economic liberalism for the core cause of this whole crisis, the imbalance in trade between West and East. But that's another subject for another day.)
The kinds of Socialist controls I referred to in my original post are so large and all-encompassing in scale that it's difficult to even perceive them. As a Libertarian, I'd in general define them as those that prevent ordinary people from buying, selling, and thinking as they choose. They range from prohibiting the use of certain kinds of light bulbs to minimum wage laws. Each of these acts as a "brake" on the expression of the free market and free individuals, and thus on economic prosperity. In some cases restrictions are absolutely vital despite the economic damage-- pouring thousands of tons of arsenic into the upper Mississippi _needs_ to be illegal, for example. Others, such as socialized health care in my opinion, are self-defeating and reduce general prosperity by ensuring that we can never compete effectively on the international market. Some, like the prohibition of certain narcotics, are so "gray" as to be endlessly debatable.
The core problem with socialism is that in accepting the role of the government as the maintainer of the social safety net, one must also empower them to enforce a given morality on _everyone_. Thus, via regulation we work our way from disproportionate taxation of the rich (simple theft, in my worldview) to declaring that children can't be raised by parents with obnoxious (and invariably anti-socialist) opinions to vilifying and destroying the careers of scientists whose research doesn't support certain government-selected truisms, like, say, the validity of the theory of anthropogenic global warming. Socialism thereby fosters economic, intellectual and even military stagnation and impotence via regulatory and moral strangulation. Socialism presumes that government makes better and wiser decisions than individuals _and demands the power to overrule said individuals_, where people like me think that quite the opposite is true. The ultimate result of a long series of inevitably inferior and arrogant decisions is totalitarianistic decay, followed by collapse if the process isn't at some point stopped. Don't believe me? Try to raise a child in Canada who doesn't agree with the government's moral position on core issues like gay rights. It was only about two years back that I read about the government there taking away someone's children because the parents were extreme right-wingers. (They were essentially Nazis, minus the racial beliefs.) Socialism requires the setting of national goals, and an enforcement mechanism to require everyone to support and work towards said goals. If that's not the essence of totalitarianism, I don't know what is. Libertarians like myself believe that people need to set their _own_ goals, within the widest possible limits.
Socialists, in my opinion, would've fought like wildcats against the introduction of the steam engine on the grounds that it'd put millions out of work, pollute, and lead to widespread economic and sociological turmoil. Certainly the unions would've done all they could to block it, and so would the enviro groups. In today's world they'd have succeeded, and the entire Industrial Revolution it spawned with all it meant for human empowerment and growth, would never have happened. How many similar revolutions in human growth and potential will _today's_ Socialists block?
Far too many, I fear.