The Age of Regulatory Capture
Millions of Americans lose their homes and jobs, Wall Street devours trillions in government bailouts while its leaders pay themselves billions . . . and there’s still no discussion of meaningful financial reform?
Here’s a quote from one of the best Op-Ed piece I’ve seen this Summer, contrasting the style and attitude of FDR then and Obama now:
The principal legislative innovations of the 1930s were enacted over the vigorous opposition of a deeply entrenched minority. Majority rule, as Roosevelt saw it, did not require his opponents’ permission.
When Roosevelt asked Congress to establish the Tennessee Valley Authority to provide cheap electric power for the impoverished South, he did not consult with utility giants like Commonwealth and Southern. When he asked for the creation of a Securities and Exchange Commission to curb the excesses of Wall Street, he did not request the cooperation of those about to be regulated. When Congress passed the Glass-Steagall Act divesting investment houses of their commercial banking functions, the Democrats did not need the approval of J. P. Morgan, Goldman Sachs or Lehman Brothers.
–Jean Edward Smith, “Roosevelt: The Great Divider“; The New York Times (9/3/09)
Too many details?
How about, “you can’t make an omelette without breaking some eggs.”