Enron and deregulation (or the lack thereof)

Here is a very good article from Spiked on the recent trial of the Enron executives Kenneth Lay and Jeffrey Skilling. Most notably is this quote

"Enron might have made free-market noises, but as its forays into international expansion – backed by the Clinton administration – show, it sought state help whenever it could get it. And in California, Enron took advantage of the electricity market precisely because it was still significantly regulated and had anomalies it could exploit."

This is a key point because many people believe that Enron is the posterchild for deregulation. The fact is that recent waves of deregulation have actually been cases of re-regulation - changing the regulatory framework, not abolishing it.

The article does a good job dispelling other myths, as well.