Rachel Maddow Takes Conservatives to Task Over Deregulation

18 March:


(BEGIN VIDEO CLIP)

SEN. JOHN MCCAIN, ® ARIZONA:  I don't think, frankly, someone who wants to increase the burden of government regulation and higher taxes has any real understanding of economics.

(END VIDEO CLIP)

MADDOW:  Take it from him.  Heaven forbid, there would be rules to rein in what happens on Wall Street, right?  I mean, what could possibly go wrong?

The conservative argument against regulation was always that deregulation would create a lot of wealth.  Deregulating Wall Street would allow for all of this great wealth creation that we have experienced as a country.  The problem, as we have found out, is that "A," it allows for all sort of immense criminality, say, Bernie Madoff, say; "B," it puts the country hugely at risk, say, AIG, Citigroup the whole country; and, "C," economically, it really only benefits the people at the top.

While all of those executives walk away with these giant bonuses year after year after year, take a look at what normal families walked away with during the Wall Street fueled deregulation so-called boom.  This is median household income.  In the 1970s, it rose 4.5 percent.  In the 1980s, it rose 6.5 percent.  In the 1990s, it rose 8.3 percent.  In the 2000s-down 0.6 percent.

Deregulation benefits the people at the top.  They get really, really, really rich doing stuff that might otherwise be illegal if there were regulations in place to stop them.  We get all the national risk associated with what they were doing, and they get all the cash.  No one else actually benefits from it except for them.  It doesn't trickle down.  No one pays ultimately except the rest of us.


I still find it a surreal experience to hear a real live prime time television host who reads like any one of dozens of all our favourite liberal bloggers.   I know this is kind of a silly fan-boy post, but I don't want to let this window slide by.  

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.