Deregulation often = no regulation and this is the Texas GOP way. Deregulation of the S+L's was championed by Reagan I quote Ronny from October 15, 1982 "I promised to get the government off the backs of business, to unleash the power of the private sector, so America can be number one again. Fof fifty years now, S+L banks have been bound by old-fashioned federal regulations. This bill (as he signed) will fix all that" -- Yeah it "fixed" it all right. The "fix" was in. Just like energy deregulation, it allowed the most greedy, selfish soft-money doling industry types to do virtually whatever they wanted while the getting was good, protected by politicians they contributed heavily to, ripping off consumers and leaving the government treasuries looted. The similarities between Enron and Silverado or Lincold S+L's are remarkable. Boom times, the sky seeming the limit, the gusher coming in and all perfectly "legal".
Price-tags: S+L deregulation 300 billion, energy deregulation 100 billion and could have been much more. This is the approximate size of our current government deficit. The epicenter of both ripoffs was Texas.
To those who attack federal regulation of industry, please now be aware. Minimizing enforcement (as Bush is doing now with the EPA, IRS, SEC and other regulatory bodies) will make a few people rich and loot everyone else. Also be aware that too much power in the hands one any one industry (like energy and polluters now), where their lobbyists basically write the rules and policing is considered anti-American, always leads to massive white collar crime and fiscal disasters. Poilicing themselves is a joke. Never happens.
So, every time you hear the Cato Institute or some other industry-paid pundit decry "tree-huggers", "trial lawyers" or "environmental extremists" be aware that removing the watch-dogs and their rights to litigate will only bring more pigs to the trough of our public money, lands, air and water. Checks and balances are a crucial part of our government. Let's keep them there. Right now with one pro-industry party in power we're in danger. SO everyone be good watch-dogs. After all it is our money, our debt and our environment. |
