Wall Street executives are punished for reaping rewards given to them by presidents Reagan and Clinton, and by the Democrats and Republicans who supported these elected leaders.
Deregulation/privatization rewards the powerful and ignores the needy. The Obama Administration has already promised the drug industries that that the price for prescription drugs will not be regulated under Obama's health care initiative. This rewards the CEOs and corporations with unlimited profits, but punishes consumers who need the drugs with high costs.
It is cynical to punish people who benefit from privatization/deregulation. Rather, the Obama Administration needs to regulate the marketplace. Iceland and the former Soviet Union has, and had, respectively, millionaires, which proves that greed can survive severe regulation.
Regulate the marketplace, the banking system, the healthcare system, mining and nuclear power plants, and the war against the greed on Wall Street will have sharper, stronger teeth. Until serious regulation takes effect, it's business as usual.
Sep 10 2009 - 7:28am