The reforms that were instituted after 1929, gave us a financial system and economy that did not suffer another Depression, UNTIL that sector was deregulated. The business cycle of course did not go away, but the reforms did a helluva lot to stop depression and panics. Then the banking and finance boys lobbied to get those restraits changed, starting during the stagflation era in the 70's, and as the regulated banks could not offer the same rate of return as mutual funds, etc. In order to increase profits, the deregs started, and it eventually led to the S and L scandal, and then later on to the 08 crash.
This is what the Repub idea of a freer markets yield, and something we seem to have to relearn over and over again. The truth is, if you give any business too much freedom, they will always cause great harm upon the average people. Yet, the Pubs just refuse to acknowledge what humans have always done, when it comes to making a buck.
Corporate globalization could have never arose here without all of the deregs that took place. There were barriers, in those regulations of both banking and finance as well as general business. Business was always waiting in the wings, for a political movement that would once again give them free rein, and the Neo Cons and Cons gladly supplied them with that.
The banking and finance industy is the most powerful lobby group in D.C. today. What you see around you, the economy, the world economy is due to the deregs. What I don't understand is HOW the Pubs and some of the Dems cannot see what the deregs have yielded. This puzzles me greatly. Apparently as long as a few are gaining great wealth at the demise of everyone else, it's good to go. I mean, how else could one interpret this? When one is so pro business as to crash a system, to put millions in the unemployment lines with offshoring, just how does this serve the Nation and her People?
It took business many decades to once again get into the position to call the shots on public policy. But they are back, and stronger than ever. You have a lot to fear, in the future from this very powerful group of folks. What they will bring the American People is what you have seen with the S and L and the 08 crash. In both cases the taxpayers footed the bill. And that is how you can know of the tremendous power of these business and financiers. That is the proof, if you need it. But unlike the S and L scandal, no one like Keating is doing any prison time on this one. Just more proof as to the ascendency of power of business especially the banking and finance community. Brought to you by the uber pro business folks, better known as the Repub party. The enemy of the average American, who has been duped, through propaganda from the Right. I think it speaks more to the level of intelligence of the Repub voters, who will vote against their own self interest. And that is quite a feat, to get someone to vote against their own best self interest. I have no doubt Fox has played a prime role in this, and I reckon the charm of those nice looking gals on Fox may have something to do with it. Sex sell, even when it comes to politics, or so it seems.