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The Franklin County DemocratThe truth for a change. |
Published by the Franklin County Democratic Central Committee Office: 6908 West Argent, Pasco, Washington US Mail: PO Box 4883, Pasco, Washington 99301 USA Email: news@franklincounty-dems.org |
| www.franklincounty-dems.org | Sunday September 05, 2010 | Weather at 13:32 PDT: |
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EDITORIAL
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This has got to stopBy David Chassin, Wednesday September 17, 2008As Wall Street melts down, McCain comes around to the idea that regulation might be required... about 28 years too late. Since Ronald Reagan took office, John McCain and his Republican backers have insisted that what the US companies need to succeed is less regulation and less government oversight. Since 1980 we have had all but 2 years under Republican administrations and/or a Republican Congress, during which time they have forced us to accept this regime.
Now their chickens have come home to roost.
The Republican mantra of deregulation has led to failure after failure. The automobile industry, the airline industry, the high-tech industry, real-estate and the banking system have all collapsed under their utterly failed policies of free-for-all markets and tax-free capitalism.
According to the Republican world view companies can grow as big and abusive as they want, so long as the stockholder get their returns, preferably tax-free.
This has got to stop.
Corporations must never be allowed to harm this nation again. What we need is a new sheriff in town, and the sheriff needs to lay down new rules.
Rule 1 - No company should become so big in any given sector that if it fails, the government would have to bail it out to save that sector of the economy.
Rule 2 - No industry should become so dominated by one company that should it fail, the government would have to take it over to save the economy.
Rule 3 - No stockholder should expect to get anything at all once the government bails a company out. All stocks (preferred and common) are forfeited to the treasury when a takeover occurs.
Rule 4 - The government should not relinquish control of a company until a) all assets are completely liquidated to reimburse the government first and creditors second, or b) the government is fully reimbursed at prevailing interest rates.
Nothing short of regime change in Washington will accomplish this.
John McCain isn't the solution because he's the problem. As chairman of the Commerce Committee he was responsible for seeing to it that this situation never arose. Instead it was under his tenure that the conditions for the present situation were promoted and imposed on us, where they now fester and grow.
Only Barack Obama, with a Democratic majority in the Congress and a Democratic supermajority in the Senate can fix this. Voting for a Republican is simply voting for continued taxpayer rip-offs and devestation of the American economy.
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