Deregulation - A Traditional Conservative's View

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QUOTE:

"What deregulation did was to permit Wall Street to push the deregulated industries-- phone service, airlines, trucking, and later Wall Street itself-- to focus on profits and not on service. Profits were increased by curtailing service, by pushing up prices and by Wall Street creating fraudulent financial instruments, which the banksters used America’s reputation to market to the gullible at home and abroad.

"Conservatives and especially libertarians romanticize “free market unregulated capitalism.” They regard it as the best of all economic orders. However, with deregulated capitalism, every decision is a bottom-line decision that screws everyone except the shareholders and management.

In America today there is no longer a connection between profits and the welfare of the people. Unregulated greed has destroyed the capitalist system, which now distributes excessive rewards to the few at the expense of the many.

If Marx and Lenin were alive today, the extraordinary greed with which Wall Street has infected capitalism would provide Marx and Lenin with a better case than they had in the 19th and early 20th centuries." - Paul Craig Roberts..

Mr. Roberts was Asst. Secy of the Treasury in the Reagan Admin.and a former editor of the Wall St. Journal.

Full article here:

http://www.counterpunch.org/roberts08122010.html

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 4:01 pm

Comments

Good piece, thanks for the link. It appears that more players are coming out and reevaluating their roles in the GOP destruction of America. Here Roberts mentions that ideology is the primary driver in politics as it serves the big donors. I doubt any of the tea baggers who claim to be fed up with government are interested enough to dig into why government has become the problem. At least a few Republicans have and recognize that conservative economic ideologies are at the core of our current problems, but they will be ignored because the big donors own the system and the "angry right" appears content to call Obama a socialist, which means that the big donors will get away with their machinations to benefit them at our expense.

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jeffbiss
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When Eric Holder eventually steps down as Attorney General, he will leave behind a complicated legacy, some of it tragic, like his decision not to prosecute Wall Street after the financial crisis, and his all-out war on whistleblowers like Edward Snowden.

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