Peggy Noonan’s latest column in the WSJ, “Happy Days Aren’t Here Again,” predictably praises Republicans and dings Dems. But her own arguments betray her.
She describes Republicans as “The ones who said there actually were limits. The ones who said you have to know who man is, don’t push him too far.”
But that’s precisely why we can’t have the lack of regulation Republicans support. If you know who man is, how weak and greedy he is, you don’t allow him to pursue derivatives and credit default swaps without any oversight. You regulate banking, all banking, and don’t allow an entire shadow economy to exist without any oversight.
It’s not just banking, it’s all industries where Republicans fight regulation, and when they can’t avoid it, appoint foxes to guard the henhouses. Miners die every year in this country because mine owners cut safety corners to make more money, and the government slaps them on the wrist and doesn’t shut them down, doesn’t hit them where it hurts.
Noonan writes well, but not wisely.