Wednesday, May 05, 2010
Do I Get a Gold Star?
I got BP and I got Massey Energy. So I left off Goldman Sachs (and a thousand other examples). Big deal.
”But don’t blame it all on George W. For thirty years, deregulation has been all the rage in Washington. Even where regulations exist, Congress has set such low penalties that disregarding the regulations and risking fines has been treated by firms as a cost of doing business. And for years, enforcement budgets have been slashed, with the result that there are rarely enough inspectors to do the job. The assumption has been markets know best, and when they don’t civil lawsuits and government prosecutions will deter wrongdoing.
That wasn’t me saying that. It was Professor Reich. I was paying attention in class. Were you?
While you’re there, you might as well read this one too.
”Why is the Federal Trade Commission threatening Apple with a possible lawsuit for abusing its economic power, but not even raising an eyebrow about the huge and growing economic (and political) muscle of JP Morgan Chase or any of the other four remaining giant banks on Wall Street? “
If whoever you’re reading isn’t as clear and concise as Robert Reich -- especially about the big items -- you’re probably reading the wrong people.
May 5, 2010