No, I did not say that overregulation was not possible. I meant any reasonable regulation, such as the ones that worked in the past.
Spain does not certify anyone to teach anything. However, no one gets through a BA these days without being able to speak the language. The SAT is a pretty good index of an adequate knowledge of the language and its literature.
The fact is there were no adequate regulations in place, and there should have been. Phil Gramm was the guy responsible for removing many useful regulations.
I had to pay 10% down on my house in 1977 to get an 8.5% loan. 5% down would have added another percent.
I would say that was adequate, at least in 1977.
