Spitzer And Sarbox Were Deregulation?

by James Freeman - October 31st, 2008 - Wall Street Journal

In this fall's first presidential debate, Barack Obama analyzed the causes of the credit meltdown [in his opinion]. "Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down."

The truth is that George W. Bush was a disaster for conservatives and libertarians who believe in free enterprise. During his leadership, more and more abusive socialism was unleashed on the mortgage lending industry, Sarbanes-Oxley was implemented with its demented mark-to-market concept and other truly brainless regulations were created to devastate numerous small businesses in America. Bush was responsible for a huge increase in regulations and burdens on business.

This article from the Wall Street Journal focuses on the consequences of Bush's damage to the Wall Street crowd (which in recent years has advocated corporate socialism that is about as far from free enterprise as government socialism is). Bush's regulations on IPOs have driven numerous corporations overseas and will continue to do so for years.

That is one reason out of many why you have to recognize that George Bush truly is clueless when it comes to business. The three primary causes of the home mortgage debacle were CRA, revoking Glass-Steagall and Sarbanes-Oxley's mark-to-market. Bush did not fix a single one of these with his $700 billion bailout. What he did is create a huge slush fund for the next President, probably Obama, to use to blackmail corporations to comply with his policies. The bribery and pork that was added to the bill to get it passed was another billion dollars.

How does this help free enterprise in America? It doesn't. And the timing killed the momentum of the McCain candidacy. Who besides me thinks that is why Bush did it?