I keep hearing about an “uncertain regulatory future” as a major cause of a slow economic recovery, because it hurts business.
This is code for deregulation and the business it hurts isn”t on Main Street but Wall Street.
The truth is that since 1970, there has been a systematic weakening of the banking regulations that Franklin D. Roosevelt put in place to prevent another crash like the one in 1929.
This deregulation has been carried out by every administration, both Democrat and Republican, since Nixon.
This deregulation has given us such debacles as the savings and loan scandal, the Enron Scandal and finally the housing bubble and the subsequent stock market crash.
If you think deregulation is the way to go, ask yourself, how”s your 401k or your mortgage doing? If your”s is fine, how”s your neighbor”s?
The fastest race cars still need brakes.
Vern Ware
Lakeport
