Less than a year after resigning as New York's governor due to his scandalous involvement with a prostitute, Eliot Spitzer has emerged from political exile to put in his two cents about how to prevent another economic meltdown. While one is tempted to tell the disgraced, former crusader to go back to his cave, the problem is his critique is right on target!
In an op-ed last month run by the Washington Post and Newsday, “Capitalism Needs Some Rewiring,” Mr. Spitzer identified three “structural” problems for President-elect Obama and Congress 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 our 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. They end up ruining the game for everyone, leaving Uncle Sam to clean up their mess.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
