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Friday, September 19, 2008

Free Market Recovery at Work

Ritholtz

If you are a fan of irony, consider this: The conservative movement has utterly hated FDR, and his New Deal programs like Medicaid, Social Security, FDIC, Fannie Mae (1938), and the SEC for nearly 80 years. And for the past 8 years, a conservative was in the White House, with a very conservative agenda. For something like 16 of the past 18 years, the conservative dominated GOP has controlled Congress. Those are the facts.

We now see that the grand experiment of deregulation has ended, and ended badly. The deregulation movement is now an historical footnote, just another interest group, and once in power they turned into socialists. Indeed, judging by the actions of the conservatives in power, and not the empty rhetoric that comes out of think tanks, the conservative movement has effectively turned the United States into a massive Socialist state, an appendage of Communist Russia, China and Venezuala.


Pairs well with this:

The Mayor is the chief enforcement officer, and he’s failing in the executive’s prime responsibility: protection of the public and enforcement of the law. It’s partly incompetence, but he clearly suffers from a nasty strain of the deregulatory fever that’s bringing us the Wall St. meltdown. This Mayor apparently believes that if you suspend regulation and don’t enforce the law, the City will rebuild faster.

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