Friday, July 1, 2011

The Irony of the Financial Collapse

I've often thought it ironic that many, many Americans blame the government for the financial collapse and believe that less not more government is the solution. After all, the collapse, at least in part, was caused by lack of regulation and certainly not because of it.

The only true grass roots response to the collapse was the rise of the T-Party, an organization that largely promotes libertarian and conservative policies. No such populist movement has arisen from the left to call for more government regulation or even more stimulus to get the economy moving again.

Perhaps this isn't so surprising given that the public believes that government or at least it's elected officials are clearly in the pockets of the special interests that appear to have caused the collapse. A Pew Memorial Trust poll indicated that Americans truly believe that government looks after big banks and big corporations and cares little about the middle class, poor people or small business.

There is some reason to believe that their fears are well founded. Research by political scientist Dr. Martin Giles from Princeton University concludes that policymaker's decision almost always reflect the views of the wealthiest members of our society.

We shouldn't be too surprised if Americans are unwilling to hand over more power to a leadership that seems to care so little about their interests.

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