Deregulation fails big-time 

Thoughtful people have warned of approaching economic disaster for some time, and these thinkers included professional economists. Paul Krugman quickly comes to mind. Editorialists  who regularly mocked Krugman's writings have grown quiet lately.

But you really didn't need advanced degrees in economics to see the present mess coming. All that was required was some  understanding of human nature, specifically the nature of the right-wing financiers who apply great influence to American government. Greed drives them; moderation is repugnant. When deregulation became official government policy, when the upscale operators were no longer restrained by statutes or security guards, it was inevitable they would gorge themselves sick. They regard the American public as a dog regards a garbage can. They must be called off; they never quit voluntarily.

It appears the average American taxpayer will now be stuck with billions of dollars in bad debts incurred by private companies seeking private profits. This seems hardly fair, but putative experts say it must be done to keep errant financial institutions from collapse. Failure of the institutions would worsen an already desperate situation, we're told.

Bail if we must, but any bailout has to include re-regulation, a revival of the philosophy of restraint that existed until people like Phil Gramm persuaded Congress that corporations can always be trusted. We know better now. As Rep. Barney Frank says, private enterprise run amuck has brought us to the brink of collapse; only government can save us.

One of the things government must do is lessen the financial rewards to unscrupulous and incompetent CEOs. It's unconscionable that they grow rich from their sins and mistakes while the people suffer. If the government (that is, the taxpayers) is going to pay to save these bedraggled companies, the government (that is, we) gets to make the rules.

Gramm, who calls terrified middle-class Americans “whiners,” is John McCain's principal economic adviser. McCain himself has strongly supported the Bush policies that threaten to bring on another Great Depression. He offers nothing substantive in the way of change, nothing to save the little guy. Rescue is for the rich.

McCain's continuing support for the fearfully wrongheaded  economic course set by a Republican administration should alone disqualify him from being president, not that there aren't other reasons to vote against him. His party, his advisers, and he personally are responsible for this debacle, and he says he'll keep going in the same direction. Such open unconcern for the people he seeks to lead is unprecedented.  



Subscribe to this thread:

Add a comment

More by Arkansas Times Staff

Most Shared

  • Sarah Huckabee Sanders to be deputy White House press secretary

    Donald Trump announced additional White House staff today, notably including Sarah Huckabee Sanders, deputy assistant to the president and principal deputy press secretary.
  • Legislation filed for $10 million school voucher program

    The legislation to vastly expand transfer of state tax dollars to private schools came before the school choice day event I mentioned earlier.
  • Pork and more

    Some notes on disparate topics before I take a vacation break.
  • Trumpeting

    When President-elect Trump announced he would, in a few days, force Congress to enact comprehensive health insurance for everyone, poor or rich, that would provide better and cheaper care than they've ever gotten, you had to wonder whether this guy is a miracle worker or a fool.
  • Putin and Trump

    Here's a thought exercise: What do you suppose would happen if Russian strongman Vladimir Putin decided to clarify remarks he reportedly made about Donald Trump during the election campaign?

Latest in Editorials

  • The end of an era

    We're sad to report that Doug Smith has decided to retire. Though he's been listed as an associate editor on our masthead for the last 22 years, he has in fact been the conscience of the Arkansas Times. He has written all but a handful of our unsigned editorials since we introduced an opinion page in 1992.
    • May 8, 2014
  • A stand for equality

    Last week, Attorney General Dustin McDaniel became the first elected statewide official to express support for same-sex marriage. His announcement came days before Circuit Judge Chris Piazza is expected to rule on a challenge to the state's constitutional ban on same-sex marriage. Soon after, a federal challenge of the law is expected to move forward. McDaniel has pledged to "zealously" defend the Arkansas Constitution but said he wanted the public to know where he stood.
    • May 8, 2014
  • Same old, same old

    Remarking as we were on the dreariness of this year's election campaigns, we failed to pay sufficient tribute to the NRA, one of the most unsavory and, in its predictability, dullest of the biennial participants in the passing political parade.
    • May 1, 2014
  • More »

Visit Arkansas

1.73-carat diamond found at Crater of Diamonds State Park

1.73-carat diamond found at Crater of Diamonds State Park

Jack Pearadin and Doug Nelsen found a 1.73-carat diamond after nearly a year of searching the park's field.

Event Calendar

« »


1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31  

Most Viewed

  • Putin and Trump

    Here's a thought exercise: What do you suppose would happen if Russian strongman Vladimir Putin decided to clarify remarks he reportedly made about Donald Trump during the election campaign?

Most Recent Comments

  • Re: Putin and Trump

    • Good one, Al. Hell hath no fury, and all that happy horse-shit. I hope Gene…

    • on January 20, 2017
  • Re: Putin and Trump

    • Make that "old hack."

    • on January 20, 2017
  • Re: Putin and Trump

    • Oh dear - It is me, E.E.W - I'll confess - but not so much…

    • on January 20, 2017

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation