Are unregulated businesses making life easier for you? You know what happened when we deregulated the banks? Remember what they said when they did away with regulation? “We don’t need it; we’ll be good; we’ll police ourselves!” How did that go? And yet Citicorp is trying to get rid of the provision in Dodd Frank that would’ve banned the government from bailing out banks that deal in high-risk swaps. Citicorp made certain that Congress would pass a special exception for them so that the taxpayers are on the hook for bailing them out the next time they gamble with everyone else’s money. I don’t understand why Congressmen get away with inserting these provisions into a huge funding bill at the last minute without their constituents being mad about it.
Roosevelt said he was anti-trust, that he was going to break up the monopolies, but he only said that to gain popularity. In truth, he was backed by the trusts (read: monopolies)! Things really haven’t changed much, have they. Read what Roosevelt’s predecessor says of Teddy’s presidency.
“The doctrine that monopoly is inevitable and that the only course open to the people of the United States is to submit to and regulate it found a champion during the campaign of 1912 in the new party, or branch of the Republican party, founded under the leadership of Mr. Roosevelt, with the conspicuous aid,—I mention him with no satirical intention, but merely to set the facts down accurately,—of Mr. George W. Perkins, organizer of the Steel Trust and the Harvester Trust, and with the support of more than three millions of citizens, many of them among the most patriotic, conscientious and high-minded men and women of the land. The fact that its acceptance of monopoly was a feature of the new party platform from which the attention of the generous and just was diverted by the charm of a social program of great attractiveness to all concerned for the amelioration of the lot of those who suffer wrong and privation, and the further fact that, even so, the platform was repudiated by the majority of the nation, render it no less necessary to reflect on the significance of the confession made for the first time by any party in the country’s history. It may be useful, in order to the relief of the minds of many from an error of no small magnitude, to consider now, the heat of a presidential contest being past, exactly what it was that Mr. Roosevelt proposed.
“Mr. Roosevelt attached to his platform some very splendid suggestions as to noble enterprises which we ought to undertake for the uplift of the human race; but when I hear an ambitious platform put forth, I am very much more interested in the dynamics of it than in the rhetoric of it. I have a very practical mind, and I want to know who are going to do those things and how they are going to be done. If you have read the trust plank in that platform as often as I have read it, you have found it very long, but very tolerant. It did not anywhere condemn monopoly, except in words; its essential meaning was that the trusts have been bad and must be made to be good. You know that Mr. Roosevelt long ago classified trusts for us as good and bad, and he said that he was afraid only of the bad ones. Now he does not desire that there should be any more bad ones, but proposes that they should all be made good by discipline, directly applied by a commission of executive appointment. All he explicitly complains of is lack of publicity and lack of fairness; not the exercise of power, for throughout that plank the power of the great corporations is accepted as the inevitable consequence of the modern organization of industry. All that it is proposed to do is to take them under control and regulation. The national administration having for sixteen years been virtually under the regulation of the trusts, it would be merely a family matter were the parts reversed and were the other members of the family to exercise the regulation. And the trusts, apparently, which might, in such circumstances, comfortably continue to administer our affairs under the mollifying influences of the federal government, would then, if you please, be the instrumentalities by which all the humanistic, benevolent program of the rest of that interesting platform would be carried out!
“I have read and reread that plank, so as to be sure that I get it right. All that it complains of is,—and the complaint is a just one, surely,—that these gentlemen exercise their power in a way that is secret. Therefore, we must have publicity. Sometimes they are arbitrary; therefore they need regulation. Sometimes they do not consult the general interests of the community; therefore they need to be reminded of those general interests by an industrial commission. But at every turn it is the trusts who are to do us good, and not we ourselves.
“Again, I absolutely protest against being put into the hands of trustees.”
Wilson, Woodrow. “Chapter 9/Benevolence or Justice?” The New Freedom; a Call for the Emancipation of the Generous Energies of a People. New York and Garden City: Doubleday, Page, 1913. 192-195. Print.