Re-Regulation
Much of what caused the current “great recession” is in fact due to deregulation. Over the last 40 years many important laws and regulations were either rescinded or were simply ignored. The almost religious fervor of these free market fundamentalists meant that U.S. Government agencies like the Securities and Exchange Commission no longer had adequate resources and were no longer staffed by competent people. So ponzi schemes like the one run by the crook Bernard Madoff were allowed to continue, even when whistle blowers gave the SEC everything it needed to see the fraud and the massive theft.
Corruption, including large bribes to elected officials (ingenuously called campaign contributions) has grown more and more common and widespread in America.
Every year an increasingly larger percentage of the population does not have health insurance. Company funded retirement plans are becoming less and less common. Even when people have properly saved for their old age, the go-go scheming of the market fundamentalists has resulted in their 401(k) retirement funds being decimated.
The Germans and the French have properly spent large amounts putting money into their economies following the pump priming ideas of Keynesian economics. It is not often that we have seen the French and the Germans agree on much of anything, but they are now in agreement that it is time to shift our focus. Any companies which are still shaky after this much money being spent to bail them out need to be allowed to fail. And it is time to reduce our emphasis on large spending plans intended to get the world economy going again.
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It is now time to begin the process of re-regulating.
Vast areas of modern society have been excessively de-regulated. The financial industry is the most obvious, but adequate and effective government regulations which are well enforced are missing in much of the rest of society too.
Regulations which encourage and help one to drive a socially responsible vehicle which gets good fuel economy. Regulations which better protect the nation’s wilderness areas and National Parks. Regulations regarding lead or other toxic substances on children’s toys. Food safety regulations. Regulations regarding advertising of foods which are largely sugar, salt, and saturated fat. Workplace safety regulations have been downgraded and so have those regulations which helped improve the quality of the air and water. Regulations which assure that rich people pay their fair share of taxes have been hideously eliminated. Regulations which prevent lenders from defrauding borrowers need to be strengthened greatly. Regulations barring spam and computer viruses need to be upgraded and enforced. Regulations ensuring one’s right to privacy.
I have to agree with the French and the Germans. It is time to shift our focus in order to assure that many of the worst abuses in society are properly re-regulated.
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