Month: June 2012

Capitalism is Not Self-Regulating; Needs Work

Buck Banks

Greenspan and other like-minded economists and political leaders were wrong to think capitalism self-regulating; they neglected the need for an institutional structure, and a culture, that differentiate successful from unsuccessful capitalist economies. The institutional structure of the United States is under stress… We have a huge public debt, dangerously neglected infrastructure, a greatly overextended system of criminal punishment, a seeming inability to come to grips with grave environmental problems such as global warming, a very costly but inadequate educational system, unsound immigration policies, an embarrassing obesity epidemic, an excessively costly health care system, a possible rise in structural unemployment, fiscal crises in state and local governments, a screwed-up tax system, a dysfunctional patent system, and growing economic inequality that may soon create serious social tensions. Our capitalist system needs a lot of work to achieve proper capitalist goals.

— Richard Posner, writing on the Becker-Posner Blog.

Neither Political Party Changing for the Better

Buck Banks

8%

Of Americans think the Republican Party has changed for the better over recent decades, while the Democratic Party fares slightly better with 12%, according to a new CBS News/Vanity Fair poll. Overall, though, the vast majority of those polled think both parties are either changing for the worse (44% Republican, 37% Democratic) or haven’t really changed much at all (43% Republican, 45% Democratic).

Roemer Drops Race for Prez, Vows to Fight Big Money in Politics

Buck Banks

As I am no longer a candidate for president, I am free to pledge a good portion of the rest of my life to enacting campaign reform in the halls of Congress and the corridors of the White House. Instead of using my right to the floor of Congress to lobby for corporate clients, I will lobby for the American people who want reform. To be successful, this endeavor must cross party lines. In truth, the two major parties are addicted to special interests and corporate money. I have said it many times: they are joined at the billfold. The two parties have been graveyards of reform too often in the past. They don’t want reform. They only want victory and reelection.

— Former Louisiana Gov. Buddy Roemer, announcing he was ending his independent campaign for president and will instead create an organization focused on getting big money out of politics, Politico reported.

Obama Has Kind Words for Bush

Buck Banks

Finally, on a personal note, Michelle and I are grateful to the entire Bush family for their guidance and example during our own transition. George, I will always remember the gathering you hosted for all of the living former presidents before I took office. Your fine words of encouragement. Plus you also left me a really good TV sports package. I use it.

— President Obama, at the unveiling of the official portraits of George W. Bush and Laura Bush at the White House yesterday.