Friday, July 11, 2008

Capitalism Takes Its Lumps

E.J. Dionne has a nice column in the Washington Post talking about how many of our economic cliches are becoming increasingly outdated.

You know the talking points: Regulation is the problem and deregulation is the solution. The distribution of income and wealth doesn't matter. Providing incentives for the investors of capital to "grow the pie" is the only policy that counts. Free trade produces well-distributed economic growth, and any dissent from this orthodoxy is "protectionism."
Dionne goes on to talk about how many conservatives (and Barney Frank) are starting to openly question much of what was once considered orthodoxy. The problem is that the people he refers to are Ben Bernanke and a guy from a think tank. It's great that these guys are taking the problem seriously, but they aren't members of Congress or presidential candidates.

So how long before those who are members of Congress or presidential candidates follow suit and acknowledge that government may actually have a role to play assuring the widespread financial security of our nation? I wouldn't hold my breath waiting.

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