News media people, often plagued with little understanding, fail miserably in their duty to inform the public. This is particularly evident in their reporting on the current financial meltdown, suggesting it was caused by deregulation and free markets. Professor David Henderson, research fellow at Stanford's Hoover Institution, writes about regulation in "Are We Ailing From Too Much Deregulation?" in Cato Policy Report (November/December 2008). The Federal Register, which lists new regulations, annually averaged 72,844 pages between 1977 and 1980. During the Reagan years, the average fell to 54,335. During the Bush I years, they rose to 59,527, to 71,590 during the Clinton years and rose to a record of 75,526 during the Bush II years. Employees in government regulatory agencies grew fro...
THIS phony debt crisis has now passed through the looking glass into the realm where madness reigns. What should have been an uneventful moment in which lawmakers make good on the nation's contractual obligations has instead been seized upon by Republican hypocrites as a moment to settle ideological scores that have nothing to do with the debt. Hypocrites, because their radical free market ideology, and the resulting total deregulation of the financial markets, is what caused the debt to spiral out of control this last decade. That and the wars George W. Bush launched but didn't have the integrity to responsibly finance. The consequence was a banking bubble and crash leading to a 50 percent run-up of the debt that has nothing to do with the "entitlements" that those same Republicans hav...
The Rescue. II. A House is not Just a Home. III. Building a Better Mouse Trap. IV. The Safest Game in Town. V. Gain with no Pain. VI. The Police do not Patrol Here. VII. The Smart Guys Never Lose. VIII. Everyone Joins the Party. IX. The Music Stops Playing. X. We Have an Emergency. XI. To Go Where No One Has Gone Before. XII. Conclusion.
... . Maneuvering through turbulent capital markets complete with its risk, volatility, and rewards ha... together of three primary aspects of deregulation: deregulation of capital and international markets...
The whole thing is nuts. The economy is a shambles, saved from a free fall only by the Federal Reserve's unprecedented promise of free money for banks for at least two years. That's how long a seven- member majority of the Fed's Open Market Committee expects it to take for significant relief to take hold for the 25 million Americans who can't find full-time employment. The 10-member committee's three dissenters in Tuesday's decision, all unelected Fed regional board presidents, are free-market ideologues who don't believe the government has a role to play in reversing the nation's economic disaster. One is a former Wall Street investment banker and vice chairman of Henry Kissinger's consulting firm. The other two are University of Chicago school of economics disciples long committed to ...
... vulnerable by the chicanery of the financial oligarchy, we are denied even the logical clarity ...
John McCain has more gimmicks than a bad sales pitch. After picking Sarah Palin in a move that was as purely political as possible, McCain decided to "suspend" his campaign to work with Congress on the bailout plan. Is this the same McCain who just months ago told us that he really didn't know all that much about the economy? What, then, does he have to contribute to such a convoluted situation? McCain worked on economic issues in the past. The problem is that he spent his time on these issues arguing for deregulation of just about everything. Deregulation is probably the single largest contributor to the current financial debacle we find ourselves in, not to mention a number of scandals, such as Enron and WorldCom, that were largely the result of deregulated markets. In the case of Enr...
MONDAY afternoon, the House voted on a 700 billion dollar bailout of financial institutions whose books were ravaged by the ownership of trillions of dollars of mortgage-backed securities of questionable value. I believe the plan proposed by Treasury Secretary Paulson was not sufficiently protective of taxpayer dollars, and I opposed it. Over the last 15 years, housing values appreciated with such regularity and rapidity that many came to believe that what goes up could never come down. At the same time, Wall Street and international investors developed an insatiable appetite for almost any securities based on mortgages, despite evidence that many homeowners lacked the income necessary to make their mortgage payments. Due to sustained deregulation of the financial markets, there was lit...
Hiton Hotels CEO-Pres. Stephen Bollenbach says the most important contribution that financial managers can make to the strategic position of their companies is by creating value for their shareholders. He says that the deregulation of the financial markets has made it possible for financial people to focus on value creation, which is achieved through countless ways. Before accepting his current post at Hilton Hotels, Bollenbach used to serve as the the chief financial officer of the Walt Disney Co., where he supervised the acquisition of Capital Cities/ABC. At Walt Disney, he measured the performance of the company in terms of creating value to shareholders through a value-oriented system that measures future cash flows and examines risk to find out present values from investments. At H...
With each new contraction, the vise tightens. Although Asian banks had largely avoided America's inscrutable new financial devices - such as credit default swaps - their countries' economies relied heavily on exports to the United States. Central banks in China, Japan and elsewhere financed the debtdriven consumption by buying and holding huge dollar-denominated reserves, partly as protection against a recurrence of the '90s currency crisis, partly to support their export-oriented development strategy. But with their American market shrinking, industrial output dropped precipitously, down in Japan by half in February from a year earlier. The Economic Policy Institute (EPI), a U.S. think tank, calculates that while China is committing 3.6 percent of GDP, the United States 2.7 percent, an...
...- combined with similar financial deregulation elsewhere (particularly Iceland, Ireland and much ... to the neoliberalism- deregulation of markets, combined with state support for corporations - th...
The 'green economy' has emerged as a strong policy direction in Obama's administration with $100 billion in dedicated funds over the next decade to provide infrastructure investment for a range of initiatives including alternative energy technologies that will lessen the reliant on foreign oil supplies. The concept of the 'green economy' has appeared at the point of the collapse of neoliberal ideology of deregulation and a new age of poverty after the worst global recession since WWII. First, this paper reviews the claims of 'green capitalism' examining, in particular the promise of distributed energy systems and the 'hydrogen economy' as proposed solutions to the energy problem of the U.S. economy. Second, it proposes a postmodern critique of neoliberal economics before examining conce...
... World Wide Web or Internet- that made financial transactions and recordkeeping of international sh...After the mid-70's financial markets became liberalized and countries have become more ...The deregulation of the telecom market has lead to lower long dista...
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