Every man holds his property subject to the general right of the community to regulate its use to whatever degree the public welfare may require it. – Theodore Roosevelt
The Wall Street Journal is a good source for no-nonsense news. The reason is simple – its readers are sophisticated and accept nothing less. They are the true ownership society, and as owners of most of our wealth and as people having large investments all over the globe, they need straight talk.
So when Rupert Murdoch’s News Corporation took over ownership of the Journal, I wasn’t worried that he would ruin it. I expected that its news would still be the best in the country, and that its right wing editorial page would stay right wing. But odd things are happening – the Journal has opened up its pages. It is allowing opposing views in the editorial room on a limited basis.
Thomas Frank, author of “What’s the Matter With Kansas?” is now a regular contributor. Today he has a piece called “It’s Judgment Day for McCain“. Never in my wildest dreams did I ever think I would read such a screed in the hallowed pages of the Journal.
Speaking of McCain, Frank suggests that in advocating for a commission to find out what went wrong on Wall Street, that he pull over the “Straight Talk Express” and interview the people aboard. He suggests that he interview 1) himself, 2) Phil Gramm, and 3) Phil’s wife, of Enron fame, Wendy Gramm. Each of these people have been part of the deregulatory mania that has gripped this country since Jimmy Carter set the airlines free in the late 1970’s.
Frank also suggests that McCain interview one of his senior economic advisers, Kevin Hassett, who in March of this year declared that the financial crisis was the result of “out-of-control government regulation”.
Frank also mentions the unmentionable, something that should be part of our campaign dialogue, and is not for reasons that are unfathomable:
Maybe the McCain Commission on Deregulation can kick off with a statement from the candidate himself. It will be helpful for the public, if painful for the senator himself, to hear about Mr. McCain’s own close brush with one of the towering figures of financial deregulation, Charles Keating, the master of Lincoln Savings and Loan. Keating had a special, urgent interest in getting Big Brother off our backs: in 1986 some meddlesome agency suspected him of massive violations of S&L regulations. Keating fought back by recruiting a handful of legislators, including Mr. McCain, to pressure S&L regulators to leave his S&L alone. A few years later, Lincoln became one of the largest financial failures in U.S. history.
John McCain’s involvement in the Keating Five scandal is not part of the current campaign discussion. That’s a monumental failing on the part of the Obama people. What scares them?
John McCain is a deregulator, and has been for all of his time in Washington. He’s attempting now to change his spots now for the LIV’s – low information voters – who don’t know his past. Thomas Frank’s piece in such a prominent publication as the Wall Street Journal is a big boost for Obama. It’s not a great piece, it doesn’t cover new ground. It’s just that fact that it is carried now in the most prominent and prestigious newspaper in the country.
Thank you, Rupert.