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The two greatest obstacles to democracy in the United States are, first, the widespread delusion among the poor that we have a democracy, and second, the chronic terror among the rich, lest we get it. [1941] (Edward Dowling)
The conservative right claims that "big government" is the source of all social ills and evil in our country. The staunch conservative will claim that the "private sector," or corporate America, is capable of running the economic show with little or no oversight (regulation) by the government. This ill conceived and, I believe, corrupt notion has been more than proved false, over the years, especially in the last twenty seven. Deregulation began, in earnest, with the Regan administration. The economic rotten fruit that we're having to swallow, today, began with Ronald's presidency.
Many of us, at my age, can remember when there were regulated utilities: the phone company, the electric company and the gas company. Many of us can remember when our phone, gas and electric bills were the same amount every month. We didn't have to worry about what company to choose or if we would get quality equipment and service if there was a problem or emergency. This system of utilities, if you will, worked well for the American middle-class working person ("If it ain't broke, don't fix it?"), but that was the problem, in my estimation! There was money to be made in utilities that couldn't be made, as long as each company was a government-regulated utility. What was the solution for the wealthy and powerful when they looked at these regulated utilities and saw dollar signs? The answer, of course, was deregulation and privatization! It was a simple solution: take away government regulation and privatize each utility, so free enterprise can do its thing! Regan, and the Supreme Court of The United States would ultimately put an end to regulated utilities. This end began with the divestiture of AT&T and The Bell System.
Today, we have a few major phone, electric and gas corporations with hundreds or thousands of small companies (resellers) that compete with the major corporations who supply the product they sell. Sound confusing? It is, and it has led to all kinds of problems for the consumer: out of control price increases, lack of service and the theft of service, by resellers, from the major corporations who supply their product ("slamming").
In 1998 or 99, the government deregulated the banks, which has led to the economic mess we find ourselves in today. Greed has a tendency to blind those it tempts. Eight to ten years ago, we were hearing about the Enron Corporation and WorldCom (MCI) scandals, where high ranking, corporate officials had cheated the company and stockholders out of millions of dollars, as well as destroying their employee's livelihood and pensions. Now, we have a different kind of cheating and lying going on, a cheating and lying which involved granting mortgages to people who couldn't possibly pay them off. The corporate equivalent to writing thousands of checks with no money in the bank, and all being done so a few individuals could become even wealthier than they already were. This fiasco has now (since the housing-boom bubble burst, over the past year) worked its way up from the banks we all do business with to the corporate giants, Fannie Mae and Freddie Mac.
John McCain, whose whole political career (26 years) has been spent pursuing deregulation for corporate America (with Regan, Bush Sr, Clinton and George W), now claims that we must have oversight (regulation) of these institutions. He claims this while his campaign is being managed by a bank lobbyist. Does the phrase "conflict of interest" come to anyone's mind? The same John McCain who, less than two weeks ago, proclaimed our basic economic system is stable.
I heard one economist say, last night, that the common, middle-class American should prepare themselves for at least ten years of economic difficulties. I think the writing is on the wall, and the high life is about to be disrupted for a long time, no matter who wins in November!
