Tuesday, January 15, 2008

Are we convinced yet that deregulation of business is a bad idea?

The magnitude of the disaster, from a free market apologist point of view, can hardly be overestimated. By abjectly failing to compensate or cushion the "losers" from globalization -- whether by boosting safety nets, improving healthcare, or investing significant resources in education and training -- the Bush administration guaranteed a growing groundswell of political opposition to global trade. And by failing to properly oversee financial markets, it provided an opportunity for foreign governments that may not share "American" values to become significant players in the heart of the global financial system. Talk about your legacies! The Bush administration not only may have crippled the Republican Party for a generation, but it also might have broken the free market! Whoops!

—from a piece by Andrew Leonard in Salon

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