The problem was not that we ‘deregulated the New Deal’ but that we deregulated a much older, even ancient, set of laws … the laws against usury, which had existed in some form in every civilization from the time of the Babylonian Empire to the end of Jimmy Carter’s term, and which had been so taken for granted that no one ever even mentioned it to us in law school. That’s when we found out what happens when an advanced industrial economy tries to function with no cap at all on interest rates.
Yes we meddled with and dismantled a system evolved over centuries incorporating the collective wisdom of many generations system without understanding its ramificatios. There was no precedence to learn from.
