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Actually, if the Americans and Europeans have taught us anything it's to make sure not to cut back on regulation so that we can ensure market stability. Because that is, more than anything else, the key point we're trying to get to.
As much as I agree we need to be careful how we spend and to manage our debtload, both of those areas quickly and swiftly cut back on investment regulations which resulted in a collapse. Regulations were introduced to cut back on the boom/bust eras of bygone days and to get rid of the great depression.
The Great Depression happens, and they regulate the fuck out of the stock market.
The Great Recession happens and they say "IT'S ALL THE FAULT OF THE REGULATORS!".
Sigh. Failing to learn from even our own lessons.
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