Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Poll: Americans Distrust Wall Street, but Not Sure about Government

Response to post #18: In Mr. Reagan’s best intonation: “Well”… First, I’m pretty sure “greed” pre-dates our 40th President. Looking out for one’s self-interest (even to ugly extremes), has been around since the dawn of time. And that “the nation went strongly for deregulation” in the 1980’s was a good start, but unfortunately what resulted was a morass created by industries being partially deregulated and partially still under government control. Anyone else remember the debacle resulting from deregulation of the airlines, while keeping the federally-run airports under firm governmental control? Political climates changed and we stopped well short of anything even resembling true deregulation. I’d have to check my dates, but I believe Glass-Steagall was initiated in the late 19-teens as a direct response to a financial crisis, to strictly separate commercial and investment banking. But some, including Friedman, have written convincingly about its likely contributions to the decade-later much larger stock market crash and resulting economic meltdown known as the “Great Depression.” Where we’d be today if G-S had never been enacted in the first place would be an interesting study, I think. In contrast, the “recent” undoing of G-S by the Gramm-Leach-Bliley Act, passed by a Democratic congress (by that time) and signed into law by Bill Clinton in 1999, was not a reaction to any similar financial “crisis,” but a FAVOR to banking interests. The (now) obvious result of that was just another inglorious example of how government actions inevitably induce both intended and unintended negative consequences. And, to say that “business and Wall Street proved conclusively that they could not handle getting more freedom from government,” paints way too broad of a brush-stroke, considering how many companies still behaved responsibly and continue to do so. The answer is not to get government ever more involved, but to remove them almost completely, save their legitimate role of punishing criminal offenders (which I wholeheartedly agree they should do, instead of propping them up with subsidies or bailouts). And truly free markets will also punish malfeasant businesses without the inevitable adverse side-effects. Cleary I’m not alone in seeing this. Interesting that you entitled your item here “Americans Distrust Wall Street, but Not Sure about Government,” yet the poll you cite actually says people view government even more negatively (67%) than they do Wall Street (57%). While you maintain that “neither business nor Wall Street can be trusted with the freedom they desire,” our larger fear should be that government can’t be trusted with the power they can give themselves.
— March 26, 2010 5:37 p.m.

Poll: Americans Distrust Wall Street, but Not Sure about Government

Response to post #2 and others: What has also exploded over the last 30 (to 40) years has been governmental intrusion into american industry-- and all other areas of life-- that was never before seen in this country. I don't think we can dismiss this as perhaps THE major instigator of the corporate climate we have today. American industry now pursues "distructive economic policies" and relies on "promiscuous obfuscation" precisely because of government's futile attempt to now regulate every minutia of commerce, and like you said, also then refuses to then "pass rigid criminal fraud laws, and imprison businesspeople who break them." You also rightfully point out, there are also the "business lobbyists [who] would thwart that [justice]." But they are also a manifestation of the same problem: government's insertion of itself into business. Surely if government had no power to manipulate the playing field, lobbyists would have no reason to be knocking on that door in the first place either. It seems that government's total ineptitude has not just allowed for, but driven Wall Street (and the rest of us) to the brink. If they were still alive, I've no doubt that Milt and Rose Friedman would also feel the same way. The Austria/University of Chicago free market approach is not dead. If it had been even remotely followed for the past 4 decades, I doubt this item would be even be a blog post today.
— March 25, 2010 2:09 p.m.

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.