You are currently browsing the tag archive for the ‘Deregulation’ tag.

A regulated economy may not perform at peak performance, but rather to its credit has built in stability and resilience in order to mute and calm the wider variances of the business cycle.  The rules and regulations that govern Banking and Finance are there for a reason – to protect American citizens from the predatory nature of untrammelled capitalism.  It comes as no surprise that the current Republican Administration is doing its best to eliminate the checks and balances currently in place and promote winner take all (at the cost of society) capitalism.  Nomi Prins describes the regulation situation in the US:

     “The Emperor Has No Rules

Nearly every regulatory institution in Trumpville tasked with monitoring the financial system is now run by someone who once profited from bending or breaking its rules. Historically, severe financial crises tend to erupt after periods of lax oversight and loose banking regulations. By filling America’s key institutions with representatives of just such negligence, Trump has effectively hired a team of financial arsonists.

Naturally, Wall Street views Trump’s chosen ones with glee. Amid the present financial euphoria of the stock market, big bank stock prices have soared. But one thing is certain: when the next crisis comes, it will leave the last meltdown in the shade because our financial system is, at its core, unreformed and without adult supervision. Banks not only remain too big to fail but are still growing, while this government pushes policies guaranteed to put us all at risk again.

There’s a pattern to this: first, there’s a crash; then comes a period of remorse and talk of reform; and eventually comes the great forgetting. As time passes, markets rise, greed becomes good, and Wall Street begins to champion more deregulation. The government attracts deregulatory enthusiasts and then, of course, there’s another crash, millions suffer, and remorse returns.

Ominously, we’re now in the deregulation stage following the bull run. We know what comes next, just not when. Count on one thing: it won’t be pretty.”

One video, sixteen minutes equals deep insight into how American society runs.  (Hint: Most likely not for your benefit.)


I grow tired of hearing arch-conservatives rail on about the evils of regulation and how it stifles industry.  People die because of deregulation and lax standards – but somehow the profit motive trumps all that human welfare shit, almost every time.


I wish I had gotten around to reading this book sooner.  It is a great read and takes a great deal of piss out of the arguments (made by our beloved conservative/libertarian friends) for lower taxes and more love for the wealthy.  I highly recommend reading it.   Check out other reviews here and here.  I found a brief summary of what McQuaig talks about in the book:

“In the last few decades, the concentration of income in the United States, Britain and Canada has reached levels not seen since the late 1920s. Such extreme income concentration created a dynamic that led to the disastrous Wall Street crash in 2008 – just as it did in 1929. The financial collapse is simply the most striking example of the problems caused by the rise of a new class of billionaires. Their massive fortunes – widely considered benign or even beneficial to society — are actually detrimental to everyone else. The glittering lives of the new super-rich may seem like harmless sources of entertainment. But such concentrated economic power reverberates throughout society, threatening the quality of life and the very functioning of democracy. It’s no accident that the United States claims the most billionaires—but suffers from among the highest rates of infant mortality and crime, the shortest life expectancy, as well as the lowest rates of social mobility and electoral political participation in the developed world. Our society sees itself as a meritocracy. So we tend to regard large fortunes as evidence of great talent or accomplishment. Yet the vast new wealth isn’t due to an increase in talent or effort at the top, but rather to changing social attitudes legitimizing greed and to policy changes made by governments under pressure from the new elite.”

Oh and a quick excerpt from the book  taking down the notion of the “self-made” billionaire (p.25 – 28).

“The notion that it should be possible to become a billionaire is rooted in the idea that there are some uniquely talented individuals whose contribution is so great that they deserve to be hugely, fabulously rewarded.

Some billionaires, such as Leo J. Hindery Jr., have made this point themselves. Hindery, whose contribution was to found a cable television sports network, put it this way: “I think there are people, including myself at certain times in my career, who because of their uniqueness warrant whatever the market will bear.” Similarly, Sanford Weill, long a towering figure on Wall Street, is impressed with the contributions of billionaires like himself: “People can look at the last 25 years and say that this is an incredibly unique period of time. We didn’t rely on somebody else to build what we built…”

What is striking in such statements, in addition to the absence of modesty, is the lack of any acknowledgement of the role of society in their good fortune. These men seem unaware of the pervasive role played by society in general (as well as by specific other people) in every aspect of their lives — in nurturing them, shaping them, teaching them what they know, performing innumerable functions that contribute to the running of their businesses and indeed every aspect of constructing and operating the market that has enabled them to get rich. Weill’s statement that “We didn’t rely on somebody else to build what we built” can be quickly tested. Would Weill, having built everything from scratch, be able to reproduce his fortune if stranded on a desert island?

If so, then he should be able to keep every bit of it for himself, having been solely responsible for its creation. If not, then it is reasonable to ask what portion of it was created by him, and what by others?

The Desert Island Test is a useful one to keep in mind. The primacy and ubiquity of society — so casually erased by billionaires and others justifying their fortunes — must be restored if we are to have any meaningful discussion of income and wealth, and where an individual’s claim ends and society’s begins.

One of the crucial ways that society assists individuals in generating wealth lies in the inheritance from previous generations.

This inheritance from the past is so vast it is almost beyond calculation. It encompasses every aspect of what we know as a civilization and every bit of scientific and technological advance we make use of today, going all the way back to the beginning of human language and the invention of the wheel. Measured against this vast human cultural and technological inheritance, any additional marginal advance in today’s world — even the creation of a cable television sports network — pales in significance.

The question then becomes: who is the proper beneficiary of the wealth generated by innovations based on the massive inheritance from the past — the individual innovator who adapts some tiny aspect of this past inheritance to create a slightly new product, or society as a whole (that is, all of us)?

Under our current system, the innovator captures an enormously large share of the benefits. Clearly, the innovator should be compensated for his contribution. But should he or she also be compensated for the contributions made by all the other innovators who, over the centuries, have built up a body of knowledge that made his marginal advance possible today? What share of the newly-generated wealth correctly belongs to the society that has not only nurtured him but also provided him with this rich past inheritance — without which, stranded on a desert island, he wouldn’t have the means to even keep himself warm.”

The youtube summary as well.

The CBC article sounds innocuous enough; full marks for making the pillaging of public good sound palatable.

clipped from

Epcor to sell stock in power operation
The municipally owned water and power utility in Edmonton plans to sell investors a quarter of its energy arm.
Epcor Utilities Inc. said Friday that it will form a new unit to hold its power operations and initially sell a 25 per cent stake to the public. It may sell more later, the company said in a news release.
The new company, Capital Power Corp., will fund its growth through capital markets.
Epcor, which operates as a company and not as a municipal utility, said Friday that it made $104 million profit on revenue of $890 million for the three months ended March 31, compared with $68 million on revenue of $799 million in the same period a year earlier.
The Capital Power spinoff was approved by Edmonton council on April 17. The new company will be headed by Brian Vaasjo, Epcor executive vice-president and chief operating officer.
Epcor expects the Capital shares will be sold before the summer.
blog it
EPCOR-WMPrivatization, as always, is still on the move in Alberta. As usual, it will be a wild success, for the private investors at the cost of the public good.

This is being marketed as a way to increase capital so Epcor can continue to expand its operations across North America. In reality though this is just another move toward privatizing a public good for the benefit of the business class.

This Blog best viewed with Ad-Block and Firefox!

What is ad block? It is an application that, at your discretion blocks out advertising so you can browse the internet for content as opposed to ads. If you do not have it, get it here so you can enjoy my blog without the insidious advertising.

Like Privacy?

Change your Browser to Duck Duck Go.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 1,346 other followers

Progressive Bloggers


July 2020


Blogs I Follow

The DWR Community

A. Lien



A topnotch site

I Won't Take It

Life After an Emotionally Abusive Relationship

Exploring best practice and research in sexual violence. A loud voice in the fight against victim blaming. Written and Managed by Jessica Eaton, Doctoral Researcher in Forensic Psychology

Unpolished XX

No product, no face paint. I am enough.

Volunteer petunia

Observations and analysis on survival, love and struggle


the feminist exhibition space at the university of alberta

Raising Orlando

About gender, identity, parenting and containing multitudes

REAL for women

Reflecting Equality in Australian Legislation for women

The Feminist Kitanu

Spreading the dangerous disease of radical feminism

Double Plus Good

The Evolution Will Not BeTelevised

la scapigliata

writer, doctor, wearer of many hats

Teach The Change

Teaching Artist/ Progressive Educator

Female Personhood

Identifying as female since the dawn of time.

Radfem Resources | Radical Feminist Literature

A virtual library for those interested in radical feminist literature and resources.

Not The News in Briefs

A blog by Helen Saxby


A blog in support of Helen Steel

Blasting through Left-wing BS with truth bombs


Memoirs of a Butch Lesbian


Radical Feminism Discourse

a sledge and crowbar

deconstructing identity and culture

The Radical Pen

Fighting For Female Liberation from Patriarchy


Politics, things that make you think, and recreational breaks

Easilyriled's Blog

cranky. joyful. radical. funny. feminist.

Nordic Model Now!

Movement for the Abolition of Prostitution

The WordPress C(h)ronicle

These are the best links shared by people working with WordPress


Gender is the Problem, Not the Solution


Peak Trans and other feminist topics

There Are So Many Things Wrong With This

if you don't like the news, make some of your own

Gentle Curiosity

Musing over important things. More questions than answers.


short commentaries, pretty pictures and strong opinions

Revive the Second Wave

gender-critical sex-negative intersectional radical feminism

Trans Animal Farm

The Trans Trend is Orwellian

Princess Henry of Wales

Priestess Belisama

miss guts.

just a girl on a journey

writing by renee

Trigger warning: feminism, women's rights

%d bloggers like this: