I thought Karl Rove was to blame

I came across the following letter in the Star-Phoenix today that read with all the subtlety of a giant bull’s eye on the back of a white tail buck:

Wrong group in charge

It is easier for media commentators to decide what went wrong with the economy than to propose how to fix it.

The “Chicago School” economic fundamentalism preached by Milton Friedman held that an unregulated market was best, because it worked on entirely rational principles. The American government, with Allan Greenspan as its adviser, endorsed this policy, as did industry and some other national governments.

U.S. President Barack Obama referred to today’s “culture of greed and scheming.” It’s a culture that throws a monkey wrench into Friedman’s ideas. Some people are so indoctrinated that they won’t believe the system has flaws. Greenspan now admits he was wrong.

Deregulation and privatization are so entrenched in our minds of government leaders that they aren’t likely to find the solutions to turn around the economy.

Washingston’s aid package was not as effective as it could have been because the Bush administration delayed its passage. It’s been suggested that we should not expect much change from the Obama administration because a lot of his campaign money came from lobbyists who represent industry, banks and the health-care industry, such as drug makers.

Governments have cut funding in areas such as education, agriculture and culture, but quickly found billions to bail out financial institutions. They got it wrong, of course. Taxpayers were not protected, but the corporate leaders who got the banks into trouble collected millions in bonuses.

Neo-conservatives have trouble deciding what went wrong. Should they now be in charge of changing our system?

Lorne Jackson

Riverhurst

I wrote my own letter in response, though I’m not holding my breath for its publication:

Re: “Wrong group in charge,” Letters, Jan. 28

It is easier for some letter writers to come up with an exhaustive list of straw men to blame for what went wrong with the economy than to offer any suggestions as to how to fix it. Take Lorne Jackson. Please.

In his letter, Jackson rolls out the usual suspects, namely the “Chicago School”, Milton Friedman, Allan Greenspan, “industry”, the “culture of greed and scheming”, “deregulation and privatization”, the Bush administration; lobbyists, corporate leaders and, of course, neo-conservatives. I suppose Dracula, the boogeyman, and the Wicked Witch of the West were excluded due to space restrictions.

Jackson felt no need to place any blame on stupid homeowners who borrowed money they could not possibly afford to pay back, or American government policies designed specifically to promote sub-prime mortgages while penalizing institutions that refused to invest in potentially delinquent files. No, the cause of the crisis was instead due in part to cutting funding to “education, agriculture and culture.” Sure, it was.

Most tellingly, Jackson does not suggest who ought to be “in charge of changing our system,” leaving the reader to guess at the possibilities. In lieu of an ailing Fidel Castro, perhaps Jack Layton would suit his preference?

The economic crisis was the result of the complex convergence of many factors that exposed some of the weaknesses of the free market system. That said, while there are flaws with this system, they do not negate the fact that capitalism is largely responsible for the unparalleled successes of our own society, the richest, most advanced and prosperous the world has ever seen. It’s a pity that there are members of this society who remain willfully ignorant to this fact.

I wish I were more eloquent.

I also wish letter writers could refrain from spewing out ideas stolen from Naomi Klein and have an original thought or two themselves.