Political Chowder Ingredients: Facts, Events, Policy, Politicians, Journalists, and YOU
Political Chowder Ingredients:
Facts, Events, Policy, Politicians, Journalists, and YOU

This Week's "You"
Jan. 25, 2009
From the Nashua Telegraph

Comments to Letters to the Editor

Mr. Martel (in his letter to the Telegraph on Jan 20th entitled "Don't blame capitalism for economic troubles) writes,"...it is all the rage to blame...capitalism.."

I disagree, this is not a "rage" or "fashion," and the blame is not on capitalism, it's on the LEADERS of capitalism who have led these corporations down the road to ruin because of their greed.

The blame is on them, not because it's fashion, but because the evidence shows that all the while American capitalistic leadership was leading banks and corporations down the path to ruin, they were excessively greedy, and voting themselves outrageous pay.

So there is reason why Americans are angry, it's not about the latest "rage or fashion." Americans have seen their investments dwindle due to greed and incompetence at the corporate leadership level.

Further, No one is abandoning capitalism. FDR didn't do it during the Great Depression, and Obama will not do it. No one is debating whether or not capitalism is the reason why America has prospered.

What we are in disagreement over is regulation. Regulation is not the cause of economic problems. Regulation has almost always been reactive. Reagan deregulated the Savings and Loans, they failed. The government deregulated the Airline industry, they are on a wing and prayer, turning over hundreds of millions in pension debt to the US taxpayer.

Do you see a pattern here?
You are wrong, regulation did not create today's crises.

It is untrue, the government did not force banks to make high risk loans. The banks did the majority of that on their own due to their greed.

This isn't a simple "black and white" issue, it is not true that the only alternative to "free markets" is more regulation.

This country hasn't seen completely un-regulated capitalism for a long-long time. SInce 1932, FDR changed this country, and it has done well with regulation when the need for regulation was warranted.

What America needs is policy, that includes regulation, not a substitute of hands-off ideology for policy.

That was George W, Bush's biggest downfall, trying to substitute ideology for real, pragmatic solutions. No, government is not the solutions to all our problems, but to sit back and let the greedy run, while people suffer is immoral and outright shameful.

We need good government, effective government, and regulation, where it is warranted.


Comment made on January 20


YOU read this week by Arnie Arnesen