News that the Australian Securities and Investments Commission (ASIC), having been shamed into doing some actual regulating, is to be "embedded" in the big four banks, with officers working from inside the institutions themselves, has been met with curious silence from what remains of the free-market right. Understandably.
Wasn’t the market meant to be self-regulating, with consumers making sovereign choices blah blah blah to regulate bad actors? Turns out, gasp, there’s a collective self-interest that binds capital together, and prompts it to communicate other than by market means, i.e. the principle fact of capitalism today is not competition, but its opposite.