Ron Rosenbaum, Writer

March 11, 2009

Useful History for Those Ignorant on the Subject of Regulation and Deregulation

Filed under: Uncategorized — ronrosenbaumwriter @ 4:40 pm

I think this well documented article will save me time responding to commenters who seem to be ignorant of the role of deregulation played in the collaspe of the banking economy. Yes mortage lending policies played a role, but not as much as the revocation of Glass -Steagall’s separation of banking and investment functions and the subsequent lack of regulation of the time bomb “investment supermarket” and hedge fund entities. But those who seek to blame the crash on one party and not another just demonstrate what fools and ignoramuses they are. Both parties contributed in their own ways.

I was having dinner with a prominent conservative figure the other day, and he told me how ashamed of the name “conservatism” ignorant blog commenters had made him. I sometimes feel the same way about liberal blog commmenters as well. The blogosphere was supposed to encourage individuality and free thinking. Instead, he pointed out, it has largely turned into a landcape of gang warfare and mindless conformity ruled by cowardly and ignorant thugs who hide behind their anonymity.

It has to do with the protection from the embarrassing disclosure of their ignorance that anonymity affords. It’s sad though, the mindless group-think and conformity, the smug self- satisfied, know-it-all pose of so many commenters. Go ahead make my day, prove his point; cowardly abusive anonyous ignoramuses are the plague of the blogosphere. Let’s see how many of you show up cowering behind your fake names.

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5 Comments »

  1. A little wit and lightness of spirit all around might be helpful, it’s amazing how the blogosphere negates those qualities, the whole thing is a battle to the death. In alot of ways this aborning Depression is anthopological: the speed of technology and its commeasurate complexity have outstripped the day-to-day necessities. People are drowning in useless information and in anxiety causing information exchange. Everyone is an expert, yet there is no expertise.

    Comment by charlie finch — March 11, 2009 @ 5:21 pm | Reply

  2. “Forbes” informs us that Mexican telecom czar Carlos Slim Helu, whose cash infusion rescued “The New York Times”, is now the world’s third richest billionaire. Meanwhile, drug gangs are murdering thousands of people in Mexico. Somehow we have to uncouple Carlos from his billions, “The Times” from Carlos and the gangs from their drugs and weapons. The revolt of the elites leads to chaos in the streets. Don’t watch “Charlie Rose”, don’t listen to Britney Spears, don’t gurgle over Warren Buffett, tax the superrich and their charities at the point of their wealth. Eliminate the payroll tax and put cash into the pockets of the workers. Lower mortgage rates by government fiat. Use the anti-trust laws to break up GE, GM and JP Morgan (with its 25 trillion in CDOs) and a hundred other large corporations. Give food stamps to the working poor for free. Put steep tariffs on Chinese imports until they align their currency with the rest of the world. Eliminate worthless conferences like Davos, G7, G20, etc. Require that all purchases of securities be held for a minimum of one month. Abolish one dozen of the 19 U.S. intelligence agencies. Tax the real estate holdings of the megachurches. Set up one procurement agency at the Pentagon and demand that the services go through it. Nationalize the drug companies and eliminate redundancies in the pharmaceutical market. Put a steep tax on the entertainment industry. Expand free access media on broadband. Eliminate four cabinet agencies: Education, Energy. the National Security Council and HHS, breaking up HHS into its subcabinet components. Replace Social Security with public cash accounts created for all Americans from birth which can be accessed at age 60. Abolish NASA and privatize space exploration under federal regulation. Fold the Air Force into the Army. Require that all hospitals be run as non-profit charities offering free medical care to those who cannot afford it. Nationalize health insurance. Require banks to hold deposits at 10% of assets and put a floor of 3% on the interest paid on CDs of one year maturation or more. Eliminate preferred stock, warrants and require one class of common stock only. Unilaterally reduce our nuclear arsenal by 90%.

    Comment by charlie finch — March 11, 2009 @ 5:58 pm | Reply

  3. “…and the subsequent lack of regulation of the time”

    It’s not that we normally need new regulations. We usually just need better enforcement of the current ones! And what can realistically be done when the criminal is well connected politically? What could have realistically be done about stopping a Bernie Modoff? Government bureaucrats were intimidated by him.

    Sarbanes-Oxley is a quintessential example of overkill legislation. It has greatly damaged the American economy. We must be careful not to make this mistake again.

    Comment by David Thomson — March 12, 2009 @ 4:40 am | Reply

  4. You may be right Ron. Who can say what deregulation means in a still heavily regulated industry.

    Go pour yourself a double and chill. You’ve been thinking hard today. You deserve it.

    Comment by aloysiusmiller — March 13, 2009 @ 5:50 pm | Reply

  5. Ron,

    Don’t get too worked up over anonymous, dim-witted commentators — they are an over-represented bunch far outnumbered by the silent, sensible majority who read your columns but are less inclined to write anything in the comments.

    Just picked up The Silver Swan, btw, I trust that it’s a good read!

    Comment by Mike W — March 14, 2009 @ 7:05 pm | Reply


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