Judith Gayle | Political Waves
There are some things that define America’s soul. One is the notion, so eloquently expressed by Abraham Lincoln, that this Republic is “of, for and by the people.”
During the Bush years, we knew government was at odds with our individual, trickled-down good; now, we find that so much has transpired in favor of AmeriCo, there isn’t even a pretense of following Lincoln’s lead. The mythology favored by the conservatives is that private industry drives down costs and must be left alone to do so: the Ayn Rand-ian argument that Alan Greenspan was shocked — SHOCKED — to discover rested in the hands of those refusing to self-regulate.
This would be a good time to plug in an old favorite YouTube from earlier in this century: “Supply Side Jesus,” narrated by now-Senator, Al Franken.
As the administration attempts to moderate the egregious activity of the banksters and insurance industry, we’ve come nose to nose with the power of corruption and the stonewall of those who think lack of regulation is the American model. For instance, Obama recently proposed regulations suggested by Paul Volcker. As Huffy reported, Volcker is no radical. He’s a former Fed chairman from years back, but Volcker knows a scam when he sees one. The Volcker suggestions, along with an independent Consumer Protection Agency, are part of the greater reforms that are ruminating in Congress. Retiring Senator Chris Dodd is attempting to thrash out a deal in committee, but he’s meeting … and evidently capitulating to … the Party of No.