Let Capitalists Be Capitalists

It could be the slogan that was, “let capitalists be capitalists.” It likely will be again, soon enough. But the “bailout” is coming soon with restrictions that Wall Street and others haven’t seen for awhile. Don’t hold your breath that the pending legislation will reverse¬†much of the effects of deregulatory fervor that swept the Congress and the White House over the last 20 years. Don’t expect any significant reregulation either. But it is interesting to note that to the extent Dubya had an ambition to achieve more than his father, he will have succeeded in ways he never imagined. George H. W. Bush left office with a huge deficit and an economy in the doldrums. Dubya came into office in 2001 with a budget surplus and a reduced national debt; he will leave with an economy in shambles, a gigantic deficit and a major increase in the national debt. Tax cuts, increased spending without revenues to support it and “letting capitalists be capitalists” is demonstrably not the answer to improve the American economy.