Debate Tuesday: Mumbai and Gambling (Internet & Wall Street)
Today I discuss with Republican strategist Mike Lane the massacre in Mumbai. I suspect we’ll mostly agree on the horrific nature of the tragedy, our solidarity with the people of India, and the need to crack down on terrorist bases in Pakistan.
Then we’ll move on to discuss “credit derivative swaps,” the unregulated gambling by the financial services corporations on Wall Street that I believe is the root cause of our current economic meltdown.
I will argue for strict government regulation and oversight of the credit rating agencies that gave failed securities their highest rating of AAA. I will also advocate for new laws to match the individual salaries and bonuses of corporate executives to the fortunes of their companies by banning golden parachutes and giving new powers to shareholders to remove incompetent managers so as to protect free-market incentives over the greedy disincentives that led to this crisis.
The goal, as always, is to prevent people from gambling with other people’s money. The current system of “heads, Wall Street gamblers get billions; tails, taxpayers lose billions” has got to stop.
Meanwhile I’m quite certain that Mike — who like a typical Republican, usually opposes Government regulation — will still unearth some reason to blame everything on the Democrats. Don’t think he can? You watch and see.