It’s The Deregulation, Stupid

[Phred42]

Sorry Conservatives. As the Firesign Theater made clear years ago: Everything you 'know' is wrong. You WILL have to face that, and own up to it if we are to survive as a Nation of democracy and laws.


It’s The Deregulation, Stupid

http://www.commondreams.org/archive/2008/03/29/7960/

by James Ridgeway

Speaking at Cooper Union in New York City on Thursday, Barack Obama went where few Democrats have dared to go in the past quarter-century: He made a case for more regulation. As part of a speech on his economic platform, Obama depicted the current economic crisis as a consequences of deregulation in the financial sector. “Our free market was never meant to be a free license to take whatever you can get, however you can get it,” he said. “Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one-aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight.”

This is quite a statement from a candidate who’s received $6 million in campaign contributions from securities and investment firms, just slightly less than rival Hillary Clinton, who cashes in at $6.3 million. Obama’s criticism was sharp, but his six-point plan for rebuilding a regulatory structure was short on both details and teeth, and relies on the Federal Reserve, which is like having the fox guard, well, the other foxes. Still, his use of the r-word signals what is at least a rhetorical departure for a party that has been running from regulation for decades.

Obama isn’t the only one. Last week at the Greater Boston Chamber of Commerce, Massachusetts Democrat Barney Frank, chair of the powerful House Financial Services Committee, also argued that years of banking deregulation were in part responsible for creating the subprime mortgage crisis and the larger economic downturn, which he didn’t hesitate to call a recession. He talked about the need to impose more “discipline” on investment banks, requiring a higher level of capitalization and transparency. Frank called on Congress to consider establishing a “Financial Services Risk Regulator” that would have “the capacity and power to assess risk across financial markets” and “to intervene when appropriate.”

[Jackpine Radical]

1. I think the push for regulation will get some big-time energy

just as soon as it becomes perfectly obvious to everyone that the economy has gone over the cliff, and the Republicans put it there by giving the wheel over to their conduct-disordered "children."

[truth2power]

4. Excellent analogy, Jackpine. n/t

[ClassWarrior]

2. K&R

NGU.

[lonestarnot]

3. Unmitigated theft via "because we can."

[JCMach1]

5. Transparency alone won't help the problems though...

(one of Obama's main points).

[progressoid]

6. Enron, Credit Card interest rates, etc.

These are things that the typical voter can grasp. Maybe even a few of Hannity's knuckle-draggers can grasp that they have been raped by their own party.

[SammyWinstonJack]

7. K&R!

[54anickel]

8. You know, this one line really ticks me off...maybe because I feel I've been completely dismissed by

the Democratic party.


snip>

Still, his use of the r-word signals what is at least a rhetorical departure for

a party that has been running from regulation for decades.

<endsnip

Maybe I'm a bit sensitive in this area, but I and many like me have NOT been running from regulations themselves. There were some issues with bloated bureaucratic entities, but I don't think there were any true Dems wanting to toss the baby with the bath water. That came with the "move toward the middle" which put this entire nation yet another few more steps further to the right. Guess it all goes back to those imaginary "Reagan Democrats". Gotta win them back ya know. :eyes:

edit cuz I stil kant spel...

[bluesmail]

9. K&R (not for deregulation)

but for the collective mind saying finally Enough! Yes it may be too late, but dammit people are waking up.