Early in Bush the Lesser's administration there was much talk about how wonderful it was to have an "MBA President," how that kind of business expertise would solve America's and ultimately the world's problems. If you view budget surpluses as a problem and asset bubbles as a solution, take a bow. Mostly, though, we don't hear much about the ubiquitous, inerrant wisdom of business these days. We don't hear it from the business schools, or the business community, or the administration.
And what about the manifest benefits of turning the Social Security Trust Fund over to the selfless ministrations of Wall Street? That was trendy, too.
The words of Frank Partnoy, author of F.I.A.S.C.O., ring in my ears. "Wall Street's been bilking Main Street for a long time." He says we can trace this recurring predation back at least to the 1600s. There's no need to go back that far. Look no further than 2008, or the 1990s, or 1980s, or 1920s. Or the robber barons at the turn of the last century. Or... well, you catch my drift.
What is it America has against learning from experience? Do we really enjoy being lied to? Or gambling on Wall Street and losing when we play against the house? The author of Corpocracy, Robert A. G. Monks says rogue capitalists are putting capitalism itself in grave danger, and with it, our democracy. Seems to me, both are too important to leave in the hands of the MBAs and privatizers.
Government is way too important to leave in the hands of people who don't believe in government. And we need government's ability to reign in excesses. It's called "regulation." Wall Street' has, once again, shown us how desperately it needs adult supervision. It's way past time to oblige.
Writing for Truthout, Dean Baker suggests that the willingness to seriously consider a securities exchange tax (think of it as a gambling tax, he says) be treated as a test of Presidential candidates' commitment to the public good rather than private greed. Whatever happened to THAT idea?
You'll find our conversations with Frank Partnoy and with Robert A.G. Monks and many others, at our website.