- Banned
- #1
Look Inward Politicians, the Only Economic Insecurity Is Government
Godvernment believes people can't make it without its intervention and works diligently to prove it's right.
In December of 2001 Enron went bankrupt. Understand what a big deal this was. Not long before it was viewed as the bluest of blue chip companies; one led by some of the smartest people in the world. Roughly eight months later another major American company by the name of Worldcom went under. Yet despite these earthshaking events stock markets were largely sanguine; the DJIA down roughly 3% during the time in question.
It was only after the bankruptcies that markets cratered. Translated, Congress and the Bush White House inserted themselves into the situation post-Worldcom with Sarbanes-Oxley. "Sarbox" threatened CEOs with jail if their accounting was incorrect, and President George W. Bush signed the bill into law with great gusto. He enthused to reporters that the legislation was the “toughest anti-corporate crime law since FDR.” It was lost on Bush that FDR was not someone to mimic; that he presided over extraordinary economic sluggishness from 1933 to 1939 when, so discredited was his New Deal among Republicans and Democrats, that it for all intents and purposes ended.
Godvernment believes people can't make it without its intervention and works diligently to prove it's right.
In December of 2001 Enron went bankrupt. Understand what a big deal this was. Not long before it was viewed as the bluest of blue chip companies; one led by some of the smartest people in the world. Roughly eight months later another major American company by the name of Worldcom went under. Yet despite these earthshaking events stock markets were largely sanguine; the DJIA down roughly 3% during the time in question.
It was only after the bankruptcies that markets cratered. Translated, Congress and the Bush White House inserted themselves into the situation post-Worldcom with Sarbanes-Oxley. "Sarbox" threatened CEOs with jail if their accounting was incorrect, and President George W. Bush signed the bill into law with great gusto. He enthused to reporters that the legislation was the “toughest anti-corporate crime law since FDR.” It was lost on Bush that FDR was not someone to mimic; that he presided over extraordinary economic sluggishness from 1933 to 1939 when, so discredited was his New Deal among Republicans and Democrats, that it for all intents and purposes ended.
