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> make it sound like they're doing something illegal or punishable

They are. Offering deposit-like products is highly regulated. Offering money market like products is highly regulated. It's illegal to circumvent those regulations while claiming some back-end magic makes you exempt.



What lessons did we learn that led to this being so highly regulated like it is? Why can't people do what they want with their money, in essence?


> What lessons did we learn that led to this being so highly regulated like it is?

Is this a rhetorical question?


Not at all. It's strange to me how paternalistic HN seems to get on this front. I would love concrete examples.


Proportionate to its role and impacts on civil society, I’d actually argue that the financial sector is remarkably unregulated.

But in terms of concrete examples: I think the Great Depression, Great Recession, and post-war mortgage discrimination all suffice.


What does this have to do with lending to retail though? How does this particular regulation prevent those from happening again?




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