deregulation

Socialism Without a Soul

Newt Gingrich is right: "It is European socialism transplanted to Washington." How else to describe an economy in which the government controls the entire financial center and is now supplying life support for the auto industry? That's on top of the existing socialist economy run by the military-industrial complex, which, thanks to George W. Bush, now absorbs upward of 60 percent of the non-entitlement federal budget.

Posted in bailout, deregulation, financial crisis, nationalize banks, socialism

12 Deregulatory Steps to Financial Meltdown

What can $5 billion buy in Washington?

Quite a lot.

Over the 1998-2008 period, the financial sector spent more than $5 billion on U.S. federal campaign contributions and lobbying expenditures.

This extraordinary investment paid off fabulously. Congress and executive agencies rolled back long-standing regulatory restraints, refused to impose new regulations on rapidly evolving and mushrooming areas of finance, and shunned calls to enforce rules still in place.

Posted in banks, deregulation, financial crisis

World Economic Forum: Davos Under Fire

DAVOS, Switzerland - One of the few indicators on the rise at this time of economic and financial crisis is the level of repudiation expressed about those responsible for the disaster, and about the institutions sponsoring them.

This became apparent at this eastern Swiss tourist resort, the venue for the annual sessions of the World Economic Forum (WEF), one of the arenas which has supported the deregulation policies blamed for causing the crisis.

Posted in deregulation, economic policy

FOR IMMEDIATE RELEASE
January 7, 2009
4:30 PM

CONTACT: Public Citizen
Phone: 202-588-1000

Top Energy Regulator’s Exit Is Chance for Obama to Reverse Deregulation Fiasco, Put Families Over Power Company Profits

Statement of Tyson Slocum, Director, Public Citizen’s Energy Program

WASHINGTON - January 7 - Today's announcement that Joseph Kelliher, chairman of the powerful Federal Energy Regulatory Commission (FERC) and a commissioner since 2003, is stepping down provides President-elect Barack Obama with an opportunity to fix an agency with a history of promoting deregulation and power company profits at the expense of fair energy prices to American families. Under Kelliher's watch, FERC continued the failed policy of deregulation, resulting in consumers paying billions of dollars more in home energy costs than if markets under FERC control had been properly regulated.

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Posted in deregulation, obama

The Fall of a Free Market Prophet

The most interesting, and perhaps the most important, moment in philosophy in the last decade occurred on October 28, 2008, in a hearing of the House Oversight Committee, chaired by Congressman Henry Waxman.

The statements were made by Alan Greenspan, Chairman of the Federal Reserve from 1987 to 2006.

Ah, Alan Greenspan .... The Maestro, the Wizard. Just one year ago when CNBC did a TV special about him, its title was Judging a Giant!

Posted in deregulation, Economy/Trade, financial crisis

President for 60 More Days, Bush Tearing Apart Protection for America's Wilderness

George Bush is working at a breakneck pace to dismantle at least 10 major environmental safeguards protecting America's wildlife, national parks and rivers before he leaves office in January.

With barely 60 days to go until Bush hands over to Barack Obama, his White House is working methodically to weaken or reverse an array of regulations that protect America's wilderness from logging or mining operations, and compel factory farms to clean up dangerous waste.

Posted in after bush, deregulation, pollution

Lust for Leverage

As America continues to struggle with the single most dangerous economic crisis to occur since the invention of television, television news operations have been unforgivably lame and late in telling in a cogent and compelling way, the story of how and why this has happened to us. Lots of stories about how afraid and worried people are, but not much about the how and why. Perhaps this is because the underlying subject is economics, and it's hard to make "the dismal science" seem sexy, or even violent enough for TV. I understand that part.

Posted in bailout, deregulation, financial crisis, foreclosures

Bush Team Rushes Environment Policy Changes

WASHINGTON - As the U.S. presidential candidates sprint toward the finish line, the Bush administration is also sprinting to enact environmental policy changes before leaving power.

Whether it's getting wolves off the Endangered Species List, allowing power plants to operate near national parks, loosening regulations for factory farm waste or making it easier for mountaintop coal-mining operations, these proposed changes have found little favor with environmental groups.

Posted in deregulation, Environment

A Last Push To Deregulate

WASHINGTON - The White House is working to enact a wide array of federal regulations, many of which would weaken government rules aimed at protecting consumers and the environment, before President Bush leaves office in January.

The new rules would be among the most controversial deregulatory steps of the Bush era and could be difficult for his successor to undo. Some would ease or lift constraints on private industry, including power plants, mines and farms.

Posted in deregulation, Government Oversight