Aftermath
I should probably wait a few days or weeks before writing my reaction to last night's national insanity exhibition. But I doubt I'll "level out" on what has happened. First off, what part of Mr. Obama's "fixing this will take a long time" did people not understand? Did anyone seriously expect all this mess to be cleaned up in two years? Or is it really just that people are only concerned about their own situation and everyone else can just---well, worry about their own situation? Let me say this slowly, so there can be no misunderstanding: we have been digging this hole for 30 years. It will take a bit longer than two years to climb out of it. Thirty years, that's right. Since Reagan. Dear Ronnie, so classically American in so many ways. Carter began the deregulation frenzy with oil, hoping the oil companies would plow their new profits into development of American resources in the aftermath of the first major OPEC embargo. Reagan was surrounded by the rest of the business community, who whispered into his ear, sweetly, oh so sweetly, "Take the restraints off, Ronnie, and we will build you that shining city on the hill all those Moral Majority types are going on about." So he did. And that started it. (Unlike others, I am inclined to believe that Reagan was naive about this. I think he was from that generation that actually trusted people of a certain stature, relied on native patriotism, and so was completely blindsided by the corporate vampires who talked him into deregulating damn near everything. I think he expected them to reinvest in America, not start the whole ugly off-shore account boom and the outsourcing of American jobs. Inclined, I say, but not willing to give him a complete pass. Because along with that, Reagan oversaw the foreign take over of hundreds of American businesses, many of which were involved in basic research and development and manufactured things vital to our national interest. Throughout the 80s, one company after another was bought by Japanese, British, German, French, and occasionally Korean interests and the result was a serious hemorrhage of expertise, know-how, and manufacturing capacity, not to mention the loss of good-paying, high-tech jobs as those businesses were all moved out of the United States and to their new host countries. Why did he do this? Because Reagan was a traditional conservative who believed government should have nothing to do with private sector business, either pro or con, and he refused to establish an "industrial policy" that would have protected these businesses. At the time there was a tremendous wave of sentiment opposed to protectionism, which smacked of a "liberal" or at least Democratic program, but in hind sight clearly was all about keeping international boundaries as open as possible for the multinationals that have presided over the disemboweling of our economy.) Deregulation has been the culture in Washington ever since. [More . . .]