May 28, 2010
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Tim Sydney - 5/28/2010
Banking deregulation is politically incorrect at present. But a relatively recent NBER paper (See here) has this to say:
"...We find that bank deregulation reduced the racial wage gap by spurring the entry of non- financial firms. Consistent with taste-based theories, competition reduced both the racial wage gap and racial segregation in the workplace, particularly in states with a comparatively high degree of racial prejudice, where competition-enhancing bank deregulation eliminated about one-quarter of the racial wage gap after five years."
One quarter of the racial wage gap after five years??
How many years ago was the Civil Rights Act enacted?
If any piece of social legislation did as well the liberals and progressives would wet themselves with publicity.
Competitive markets create a disincentive for discrimination. And unlike civil service agencies they don't take long lunch hours. They are, in short, a color blind anti-discrimination agency that never sleeps.
Modern liberals and progressives by pushing for statist policies that wrap the economy up in cartel friendly and cartel promoting regulations (i.e. almost all of them) do far more to promote and protect discrimination than the K.K.K. ever did. The few anti-discrimination policies and laws they favor are mere crumbs from the masters' plate.