"One of the reasons that Reagan didn't reappoint Volcker was that he was opposed to further bank dereg. And he wants more reg now."
We are talking as if regulation was a good thing. But regulation can be a means to capitalst domination, just like deregulation.
More than that, it is naive to take the governing elite at their word. Just because they hide behind their 'free market' rhetoric does not mean that they are in truth for the market against the state. On the contrary, the US capitalism is more dependent on militaristic and other kinds of state subsidy to prop it up.
A lot of left wingers ate up Stiglitz' anti-'Washington consensus' rhetoric, imagining it justified their own socialist ambitions. But regulating capitalism is not socialism. What they missed was that Capitalist policy was changing to make the protectionist and statist rhetoric more to the fore. I appreciate that that is less apparent in the US, or even perhaps in SA, but it is pretty obvious in the UK where a decade of 'counter-cyclical spending' has feathered the nests not of ordinary people, but an army of capitalist parasites who hover around every state function gobbling up govt funds, leaving us in hock into the 22nd century.