January 18, 2002
A System Corrupted
By PAUL KRUGMAN
nytimes.com
Enron's Collapse Could Signal the Collapse of the Entire Capitalist System - But Like Herbert Hoover, Bush Couldn't Care Less
NY Times columnist Paul Krugman writes, "Capitalism as we know it depends on a set of institutions — many of them provided by the government — that limit the potential for insider abuse. These institutions include modern accounting rules, independent auditors, securities and financial market regulation, and prohibitions against insider trading. The Enron affair shows that these institutions have been corrupted. None of the checks and balances that were supposed to prevent insider abuses worked... And nobody I know in the financial community thinks Enron was an isolated case." In other words, Enron is just the tip of the iceberg. And what is Bush doing to expose other massive financial frauds like Enron? Nothing at all! The last time Capitalism collapsed was also during a do-nothing Republican administration - Herbert Hoover.
democrats.com
Chris Matthews Urges Democrats to 'Shoot to Kill' on Enrongate
"A deep and abiding connection exists between a party's constituents and its positions. Bush and Cheney are oil and gas guys who feel at ease among oil and gas guys. Cheney views an alternative to oil as something of a joke. Bush, like his father, views the Saudi Arabian peninsula as an extension of the Texas and Oklahoma oil patch; in other words, it's ours. In the case of Enron, we are seeing that oil connection in full view, and we're learning the dangers of keeping fast company. After all, wasn't Bush the President who wanted to encourage stock ownership? Wasn't he the candidate who wanted us to tie up our Social Security in stocks? So what's he doing hanging out with Kenny Boy and the other looters?" So writes Chris Matthews.
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