Less than a year after being forced to resign due to a scandal involving a prostitute, New York's former governor and attorney general, Eliot Spitzer, emerged from his self-imposed political exile to put in his two cents about how to prevent another economic meltdown. While one is tempted to tell the former crusader to go back to his cave, the problem is that his critique is right on target!
In a Nov. 24 op-ed in “Newsday,” headlined “Capitalism Needs Some Rewiring” (click here for the full article), Mr. Spitzer identified a trio of deep, “structural” problems that President-Elect Obama and Congress will have to tackle, citing “misconceptions about what a 'free market' really is, a continuing breakdown in corporate governance, and an antiquated and incoherent federal financial regulatory framework.”
In particular, his take on the supposedly “free market” resonates with me, given the fact that whenever government takes its eye off the ball, the players start making up rules as they go along, or play with no rules whatsoever, and end up ruining the game for everyone–especially we spectators–leaving Uncle Sam to clean up their mess and bail out the offending individuals and institutions.
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