In my column this week
about the great populist wave, I challenged the pseudo-capitalism of
the right. A new example has emerged with the disclosure that JP Morgan
has lost $2 billion from blunders very similar to those that caused the
financial crash. I recognize that in some circles on the Republican
right my opinion is not welcome, but a majority of voters agree with
me, whether conservative politicians or their media allies like it or
not. The dangers of the vulture capitalism of Mitt Romney and the Ayn
Rand extremism and glorification of greed by Ron Paul are more obvious
than ever today.
Of course, the disclosure of massive losses comes from a company led by a major opponent of government regulation against financial abuse. This, like the financial scandal in the first place, is what results from the policies of Mitt Romney and Ron Paul, who would turn back the clock to the Gilded Age. The current greed and abuse is not enough for Romney and Paul. They want more, which would be the inevitable consequences of their policies.
The point I made in my column, whether the right likes it or not, is that it is not capitalism to champion the policies and practices that keep causing these fiascos and scandals. It is not capitalism to support the idea that those who did so much damage to the nation should become even wealthier from their scandals while taxpayers pay the cost and workers lose their jobs. The trickle-down bailout was devised by a Republican president. It is disastrous policies by Republicans such as Mitt Romney and Ron Paul that causes these fiascos. They keep making the same mistake year after year, despite scandal after scandal.
We should get all the evidence before deciding whether Mitt Romney bullied a young gay man in his youth, and decide how important this should be to voters.
But we know yet again, after this latest financial fiasco, why the economic policies of Mitt Romney so abuse our workers and taxpayers. We are reminded yet again why the economic policies of Ron Paul might be fine for Austria in a previous century or fascinating in books by Ayn Rand that glorify greed but are disastrous for America, where growth should be gloried, greed should be condemned, Mitt Romney should be defeated and Ron Paul's economics should be ignored.