Sunday, September 21, 2008
On Face the Nation this morning, Bob Shieffer ended the episode with a commentary on how the [McCain/Gramm-championed] culture of deregulation has led to our current crisis. As I pointed out in my earlier post, John McCain's complicity in slavishly pushing for deregulation of the financial markets has now made him fundamentally unqualified to become Presidnet of the United States. Here's an excerpt from the comments of normally hyper-nonpartisan Shieffer:
This is not the work of those who broke the law. It is the work of those operating within the law, those who pushed the law to the limit, making loans the law allowed but common sense dictated should not have been made.
[D]eregulation has become all the rage - Sweep away the cumbersome rules that make it hard to do business. A worthy goal for the most part, but as we're finding out, we have allowed deregulation to the point that in some cases the only rule left standing is that "anything goes."
Our financial system has come to resemble a ball game where the umpires let the players call the balls and strikes.
In the debate over how much government our new nation needed, one of the founders, James Madison, said, "If men were angels, there would be no need for any laws, much less government."
Our free market system remains the best system ever devised, but we're still not angels.
Besides, no game works without an umpire.