Friday, February 18, 2011

In Inmates Are About to Take Charge

Over the past decade, a lot of unscrupulous people in the financial world took more and more chances -- and riskier and riskier chances -- with depositors’ money. That led us into a near melt-down of the entire economy. And while they were doing that, the people at the top of the pile added multi-million dollar bonuses to their multi-million dollar salaries.

We can and should condemn them. But the harsh reality is that people running businesses in this country will push the envelope as far as they can in the name of profit … for themselves and, if it’s a public company, for their stockholders. That’s just the way it is. It’s our system.

And if they discover they can get away with six inches, they’ll see if they can stretch it to a foot. If they get away with a foot, they’ll keep it up … until someone in authority makes them stop. That, too, is our system. Or at least it has been.

Now we have Ron Paul about to take over an important House committee that has jurisdiction over the Federal Reserve. And he says we don’t need to regulate the banks.

Ron Paul is a libertarian ideologue and an arrogant fool.

The people who believe him are just fools.

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