With all of the event last week regarding our economy and this proposed government bailout plan, it’s fascinating to see the kind of language being used by those who classify themselves as against government regulation in favor of an extreme hands-off, free market approach. We are on the verge of spending over a trillion dollars of tax payer money to offset what could be a very dire economic result for our nation. The free market crowd is now rationalizing this move because they recognize the crisis we are now in. So when push comes to shove, they don’t mind regulation, as long as it helps us to avert a “crisis.” So I guess the discussion we can have moving forward is how we define what a crisis is. Is it a crisis that big wall street banks dissolve as a result of unethical banking methods? Is it a crisis that millions of Americans don’t have health insurance? Is it a crisis that our public schooling is in a downward spiral?
For many in the GOP who are in favor of this plan, it’s good to see they have a little bit of a heart. What remains to be seen is if their concern goes beyond Wall Street and onto Main Street. Judging from Rep. John Boehner’s response above, I don’t have high hopes. He paints anyone who faces foreclosure as a scam artist while at the same time expecting these big banks to somehow fix themselves. Absolutely no consideration for those struggling to stay in their homes while calling the failure of these banks a “crisis.” It’s not to say that those who took out the loans bear no responsibility, but if we are going to bail out the fat cats, why so quick to dismiss those at the bottom of the scale.
Apparently regulation is good only if it benefits the powerful and wealthy.