But now after the financial crisis, that's called microprudential,
because it was looking at one guy or one small business.
Macroprudential is regulation to help prevent big crisis,
big events, the macro economy.
And it's a revolution in regulation that occurred since the financial crisis,
that regulators are not just there to protect you as a stockholder,
or you as a purchaser of a product.
It's to protect the whole economy, business wants regulation.
Well when you bring up a specific regulation,
there will always be some business people who will oppose it.
Namely the business people who's interests are harmed by the regulation.
But on the other hand, business people want regulation, because they don't
want to live in a system that forces them to do corrupt things, or
to do things that are obviously not in the public interest.
They would rather compete in an environment that encourages good behavior,
otherwise they're forced to having the lowest common denominator.
It's analogy to sports events and you have a referee.
Do the players want a referee?
Sure they want the referee, they want it to be a good game.
They don't want rough-housing, they don't want someone who's going to kill them
during the game, or risk killing them, or give them lifetime injuries.
They want a regulator, but of course when they get regulated, when they referee says
you've just committed a foul, they object at that point.
But players, they have a hate relationship with regulators, but
they know that they need regulators, namely referees.
