The twin towers of Mitt Romney & the GOP's economic policy is less taxes and less regulation. It is the same incessant message that resounded through the George W. Bush administration. Deregulate banks. Take the shackles off business. Free up free enterprise.
It' a secular theology that nearly drove the nation to its financial knees.
But it is a fallacy. And the events of just one day - July 2, 2012 -- demonstrate what happens when business is not regulated? Greed over responsibility. Money over lives. Profits over ethics.
Here are three examples from today's news.
FIREWORKS: In the midst of the biggest drought and heat wave seen in Indiana in years, community after community has declared burning bans and prohibited fireworks. The risk: one need look no further than the news and the deadly infernos that are ravaging Colorado and much of the West.
The response from the Fireworks Sellers' Association? To hold a press conference to proclaim that we need to be setting off fireworks for the July 4 holiday. There is no concern for the greater community at large -- no concern about setting grass fires, wild fires, setting fires that destroy homes and lives. Nope. By God we don't care if the entire state is tender dry, light those fireworks!
For the story from the Indianapolis Star, CLICK HERE
But of course fireworks is just small time stuff. For the big time, lets look at banks.
BANKS: Barclay's is one of the world's largest banks. Headquartered in England, it has a large commercial presence in the United States.Barclay's just was caught committing outright fraud -- fraud on the government, fraud on customers. Barclay's -- from the very top on down - was flat out lying and stealing. Not all that sophisticated really. Just cooking the books, just like your common ordinary thief -- except for the amounts they were stealing.
Here's what they were doing. International monetary law requires the top banks to report daily what interest they are paying to borrow money. The average of these numbers is used to set international interest rates. Well, Barclay's, with the knowledge of its CEO & other, just lied about it. They got caught with emails setting out the specifics of the plan, and how Barclay's and its investors could profit at the expense of others.
Barclays today got hit with nearly $500 million in penalties. Investigation is continuing, and some of the international bank's leaders may trade their penthouses for a room with a view of the exercise yard.
Barclay's isn't alone. Investigation is continuing, but it looks like there are many more of the world's largest banks who have been lying and cooking the books the same way.
But here's the really scary part. GOP Presidential candidate Mitt Romney says the problem is that banks are too closely regulated! WHAT'S UP MITT? THEY CAN'T LIE AND STEAL ENOUGH? Do we need to loosen regulations so they can steal more? Looks like they're doing a pretty good job as it is.
For the story, including Mitt Romney's pronouncement that the problem with banks is too much regulation, CLICK HERE
DRUGS: This is the most despicable example yet. Today GlaxoSmithKline (GSK) agreed to pay a $3 BILLION fine (yes, that's with a "B") for a decade of fraud and lies that endangered tens of thousands of people using their drugs, including tens of thousands of children, all in the name of the Holy Grail of profit.For nearly a decade, GSK illegally promoted its best-selling Paxil for unapproved use by children suffering depression. It also promoted Wellbutrin, Advair, Lamictal and Zofran for uses for which they were not approved, ranging from weight loss to sexual dysfunction.
But that's not all. The company also paid kickbacks to physicians, including lavish Hawaiian vacations, for prescribing their medications for these off-label unapproved uses. These illegal off-label uses took marginally successful drugs and turned them into money cows for GSK.
Current Assistant Attorney General Stuart F. Delery, head of Justice's civil division, said "This administration is committed to using every available tool to defeat health care fraud. . . . Today's resolution seeks not only to punish wrongdoing and recover taxpayer dollars, but to ensure GSK's future compliance with the law."
For the story, CLICK HERE And Mitt Romney? Well he promises to return to the hand-off Wild-West days of the Bush Administration. Tests show kids are apt to commit suicide when given Paxil? No problem. Just deep six the data, and give fancy vacations to doctors to prescribe it to their young patients.
Damn the regulations, full speed ahead! That's free enterprise!
