Thursday, August 21, 2014

More Neoliberal Crap

Edmund Phelps, in his recent column in the Financial Times, once again trots out the bull pucky that "regulation" is the cause of our economic problems.  Post-WWII regulation slowed down innovation, and that loss of innovation has caused the centrifuging of wealth we have seen over the last 30 years.

First, Ed, the years since WWII have been the most phenomenally innovative in history.  I guess you missed the memos on the space programs, computers, and biotech.  All of which, I would add, were significantly assisted by government money.

Second, Ed, don't you find it at all odd that this centrifuging has focused in the last 30 years, a period of massive deregulation?  Of course facts never get in the way of an Austro-Chicago tool like you.

Bottom line, Ed: The rich and powerful paid to have regulations dismantled and then went out to get a big return on their investment by running roughshod over everyone else.  The result of that deregulation has been less protection for the folks who do the actual production work, less protection for the real innovators (as opposed to the corporations who own them), less protection for ordinary investors, less protection for everyone without a lot of spare cash to buy protection.

Oh, and Ed, the big innovations your deregulation has created have been the financial Frankensteins, the multi-level derivatives and synthetics that have created the bubbole-manic, boom-and-bust system we now have.  Congratulations.

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Here's a suggestion I think would improve the system greatly, your honors.  If you don't want to hear the argument I'm making, just say so, and don't hold the hearing.  You save time, opposing counsel saves time, and I save time that my client is going to refuse to pay me for anyway after listening to you snark at me for a half-hour.  Even more to the point, don't keep looking at me like I'm the one wasting everyone's time.  I'm not the one who set the hearing; you are.