Anarchy – The Slippery Slope of Deregulation
The failure of Wall Street this past few weeks is the result of John McCain abdicating his responsibilities as a United States Senator. A stable society rests on the rule of law. The Government of the United States of America was founded on the premise that the government would represent the common welfare of all Americans, insuring domestic tranquility. The means of protection is found in the rule of Law.
Without Law we have anarchy. Watching the fat cats on Wall Street reminds us of the aftermath of Hurricane Katrina – the wanton looting of business when there is no law. This is not symbolism – the literal looting in the flood ravaged New Orleans is not different than the looting of the national banking system by the McCain lobbyists.
John McCain’s Republican Party believes in deregulation – in this case to the point of anarchy. Using their logic it would follow that we should deregulate the illicit drug trade – those people are just business men – Free trade should rule. The market will stabilize the problems. People will eventually quit using mood altering drugs because of some unknown phenomenon called the ‘free market.’
What did McCain think the criminals would do when he got rid of the laws? McCain has the inmates running the prison.
Silly Examples of Deregulation:
- Deregulate education? We should strip the rules of education – eventually people will realize that they must be educated to get ahead.
- Deregulate the airlines, people will learn which airline is safe and which is not and they will only buy tickets on the safe airlines.
- Deregulate the auto industry – without all of those mandated safety regulations the auto makers could produce much cheaper cars. People will gravitate to the safe vehicles. The market will fix the problems.
- Deregulate pharmaceuticals. People will eventually learn which drugs are safe.
- Dump OSHA. People will learn which businesses are safe places to work and they can decide for themselves where they want to work.
These ideas are silly and foolish. But the same logic was applied by Senator McCain. He brags that he is a de-regulator. This narrow and simple minded philosophy has created the melt down of Wall Street. And no one is talking about chasing down the looters. McCain says the looters should not receive more than $400,000 per year. “There,” he pounds his Khrushchev fist, “That will show them.” Senator McCain will soon be taking his shoe off to bang on the table.
What a pathetic show of false morality.
The end result of anarchy (deregulation) is anger manifested by heavy handed government.
Comment by Capt America on 24 September 2008:
Wow, all the pillaging done in the aftermath of Katrina is all John McCain’s fault, intriguing. And that John McCain is the sole perpetrator that caused the disaster in the Stock Market. He must have mind control abilities, watch out Professor X.
Comment by Knowledgeable Economist on 3 October 2008:
In fact, since deregulating of the airline industry – which already occurred in 1978 – the airline industry has a better safety record in both real, and nominal, terms. Whoever wrote this article is speaking nonsense.
In addition, private schools are unregulated, and they have better graduating rates among their students than the public institutional setting that is regulated. So, in fact, the school system has better record of performance in an unregulated state.
With regard to the auto industry, American manufacturers are held to less of a safety standard than European and Japanese imports. Hence why the cost of those imported vehicles are so much more expensive – they’re safer. Costs are kept down for American producers in order to save the major chunk of jobs that the American auto manufacturers are responsible for. Look into it here…
Go to the home page of the United States International Trade Commission (click the proper entry on the course
Web Page under “Reading and Homework Connections”). Under “Tools and Links,” click on Tariff Schedule, and then on Current Tariff Database under “HTS Tools.” Then, click on USITC Tariff Database – Interactive at the top (and then on Yes where it says Proceed?). Enter the word “Steel” where it is shaded. Then, click on List Items. On the list you obtain, go down to entry number 83071030 (“Iron and steel flexible tubing, with fittings”), click to fill in the blank circle, and then click on Detail at the top of that page.
… then do a little exploring and you’ll understand how much auto manufacturing affects the economy. Hence why it goes semi-regulated in terms of protectionist strategies on imported goods.