George Soros has written three books warning of an impending financial crisis. He admits to being like the boy who cried “wolf,” adding he was right the third time. Assuming Soros was on to something all along, what is his next warning? Against overregulation. Here’s what Soros told the House Oversight Committee on November 13:
In view of the tremendous losses suffered by the general public, there is a real danger that excessive deregulation will be succeeded by punitive reregulation. That would be unfortunate because regulations are liable to be even more deficient than the market mechanism. As I have suggested, regulators are not only human but also bureaucratic and susceptible to lobbying and corruption.
Let’s hope we don’t have to suffer the effects of “punitive reregulation” to prove Soros right this time.