Sunday, February 17, 2002

I haven't seen anyone compare them yet, but isn't the whole Enron (with Haliburton and ADM to come?) situation like the savings and loan scandal of 15 years ago under Reagan-Bush? Deregulation and corporate control of the regulators that were left coupled with corporate corruption, not to mention shoddy auditing, led to financial disaster, which, due to the bipartisan nature of the corruption, was swept under the carpet with the crooks walking away unscathed with billions of dollars of swag in their pockets that had to be paid for by U. S. taxpayers. A few years later the same sort of deregulation leads to the same predictable result (insanity is doing the same thing over and over again, expecting a different outcome). While Enron unfolds, shills for massive corporations continue to extoll the virtues of deregulation! (As an aside, I've always wondered how the U. S. government under Reagan-Bush financed the billions of dollars that were defalcated in the S & L scandal, and found some answers in this article - with some fancy accounting, not unlike the type of accounting used by Enron, they hid it and passed it on to future generations of taxpayers!)