The US & Canada have had an ongoing pissing contest over US imports of hard lumber and Canada's import of US grains for neigh on 50 yrs. NAFTA has diminished the arguments somewhat , not completely but somewhat.
Yeppers The envioroweenies & Fed regs may have put US hardwoods off limits but Canada has plenty. Same for Canada's limitation on grain production but the US has plenty.
However, it cannot be applied to our current banking industry. If you understand how our banking system works, it needs regulation. More than others do incidentally. If Domino's goes out of business, people will adapt and go to Papa Johns, Pizza Hut, etc. The pizza industry will continue to thrive. But when a large bank goes out of business, it creates a panic. People will run to their banks to get their money but the money is not there, banks begin to crash, there's no credit, states fail, a country fails and suddenly the the entire planet is in a world of shit.
If a bank is "too big to fail" then it has to be prevented from becoming that big. If not, it will fail and wreak cascading havoc or we have to bail it out. Neither outcome is acceptable.
Deseret Management Corporation for the Church of LDS.
"The difference between laws and regulations are sometimes misunderstood. Congress, and only Congress, enacts laws. Federal executive departments and administrative agencies write regulations to implement the authority of laws. Regulations (as well as Executive Orders and Proclamations) are ancillary or subordinate to laws but both laws and regulations are enforceable. The U.S. Code is the official compilation of codified laws by subject, the U.S. Statutes-at-Large is the official chronologic compilation of all laws, and the Code of Federal Regulations is the official compilation of regulations."
I don't know if laws and regulations are synonymous...Don't mean to get into semantics but laws are passed by Congress and regulations are passed by the Executive branch, via agencies, to put the law into action AS THEY PERCEIVE THE LAW. A regulation can be challenged in court if two parties have two different definitions of that law. It is my understanding that Law trumps a regulation and a regulation is an agencies' interpretation of that law.
Now lets really complicate the issue. What is the difference between laws, regulations and rules? In ice hockey I can violate a rule by smacking another player with a hockey stick. If I do this outside of a game then I go to jail for assault, but if I do this in a game I might get tossed in the penalty box for 5 minutes. I have technically violated a law but because I did what I did in the context of a sporting event the defenders of the law don't acknowledge my crime. Sports are generally considered self regulating so their enforcement of their regulations/rules are acknowledged by the legal system as being adequate punishment for some crimes that happen in the course of game play.
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