|Spend time Googling ‘satire’|
Rather than defending “the most consequential document in American history” (Dec. 11 opinion page), Mr. Gabl’s time might be better spent Googling “satire;” nevertheless, in his defending arguments there is a point worth reviewing.Unfortunately, the “American Dream,” where individuals determine their own destiny, has been outsourced to Europe. In America today, you are likely to be born into wealth or born into poverty with a vanishing middle class and little opportunity for upward mobility. Of course, many with the sacred birthright of wealth think that after being born on third base they had hit a triple, a quote variously attributed to Jim Hightower, Barry Switzer, Ann Richards, Martin Sheen and others.
Following the Great Depression, and as a direct result of it, unfettered laissez-faire capitalism was harnessed. Prudent regulations were put into place to restore confidence in the banking system (FDIC), regulate the stock market (Securities and Exchange Commission) and separate commercial from investment banking (Glass-Steagall). The gold standard was abandoned, providing capital for investment. These actions did not constitute socialism. Industrial and financial institutions were not nationalized. Private property was protected.
As the pendulum has swung back, many of the New Deal regulations that stabilized the economy have been repealed, notably Glass-Steagall, paving the way for another “gilded age” of staggering poverty in the shadow of enormous economic growth.
Now the “S” word is being applied to ObamaCare, odd when you consider that the basic premise of marketplace solutions for the health care crisis was originally conceived in that hotbed of radical socialism, the Heritage Foundation (more sarcasm), and piloted by comrade Romney in Massachusetts. Conservatives supported the idea until President Obama co-opted it, forcing Republicans to attempt to obstruct, repeal, scuttle and disavow the whole project.
|Tuesday, December 31, 2013 9:44 AM|