Molly Ivins and Financial Regulations

January 1993…January 2012

Are you kidding me?  In January of 1993, in speaking of newly inaugurated Big Dog, Molly set pen to paper and listed things “Bubba” ‘needed done’ regarding the financial system.  It’s found on pages 197-199 if you’re playing along.

The Banks and the Financial System.  1993.  The Banks and the Financial System.  2012.

Of course in 1993, the discussion was whether Big Dog was going to be a Populist President and “dance with them that brung him” therefore being the one to ensure “gummint” did the right thing.  

In 2012 isn’t there much weeping and gnashing teeth because President Obama isn’t the Populist or Progressive or Liberal or (insert whatever you wanted him to be that he’s not been enough of thus far here ___) guy you voted for? You’re not sure you’re going to support him in 2012?  Huh. Interesting.

Big Dog was, thus far, the best President in my life time.  I love me some Big Dog.  But he had 8 years and, in true genteel fashion, he was “fixin’ to” get around to some better regulations, but you know…never really did.

President Obama needs 4 more years, and if ‘past performance’ is any hint as to what he’s fixin’ to do – I’d say he’s on the right track – you did hear about the Consumer Protection recess appointment (and the NLRB ones), didn’t you?

The more things change, the more they stay the same; funny in 19 years we haven’t done a hell of a lot to ensure the playing field became and stayed fair, transparent, effective, and accessible to all.  You sure you’re ready to point the finger at POTUS who hasn’t been able to fix this mess in under 36 months? I didn’t think so.  Carry on.

But back to banking.  Molly noted few “action items” in 1993 which just as easily could be on Congress’s list when they get back from holiday recess in 2012.

• Overhaul the Fed
• Change the banking system to democratize capital (isn’t that the core of Occupy?)
• Investment – REAL investment -  in Small Business
• Sponsor Co-ops and offer incentives to/for worker-owned plants
• Stop Corporate Welfare/ loopholes
• Get serious about tax reform
• Stop the insider “investing” by politicians (seems that’s hot news lately)
• “A decade worth of leveraged buyouts, commercial real estate, home equity and credit-card lending has left he taxpayers guaranteeing a system so shakey…”

 She notes that, “Of course the R’s will scream, “New taxes, new taxes,” but a loophole is a loophole.” 

Doesn’t all this sound more than vaguely familiar? Thought so.

Here’s the take-away for me, thanks to Molly.

Bush the First and the GOP’s clobbering of common sense regulation and slanting the playing field toward the 1% (likely then the 10%!) resulted in a big mess that Big Dog had to clean up.

Shrub follows in Daddy’s footsteps and with the help of the GOP, Lobbyists, ALEC, PACS, (and DICK!) creates a BIGGER mess President Obama has to clean up.

…that, and the fact that nearly 20 years later, we are still seeing Newt on the TV machine and We the People still don’t believe a damn word coming out of his mouth.