Paramount Theatre
Free Market Is Not 'Free'
RECEIVED Mon., Sept. 22, 2008
Dear Editor,
The staggering economic crisis on Wall Street has exposed a dirty little secret: The free market isn’t really “free,” after all, unless you’re the CEO of a major bank. What some have called socialized capitalism for the rich appears to be the running model that so many senators, including both presidential candidates Obama and McCain, are by their own admission reluctantly endorsing. But “no need to worry,” they promise us. Both men will tighten regulations on the out-of-control market and still have money for tax cuts and health care. Ostensibly, money for war in the Middle East will still be available, too, since McCain plans to stay in Iraq and Obama wants to expand the war in Afghanistan.
Of course, the truth as usual probably lies somewhere far away from the campaign promises of politicians on the stump. Regardless of who wins, if the fed’s last-ditch efforts to reverse the market’s credit freeze with billions of dollars of taxpayer money doesn’t work, neither man will be able to begin to make good on any promise.
Polls show that the recent economic crisis increases voters’ chances of voting for Sen. Obama. But is that confidence based on facts or rhetoric? Obama has received more money from Wall Street than McCain – $10 million for Obama, $7 million for McCain – and Joe Biden voted for George Bush’s bankruptcy reform that made it harder for regular Americans to claim bankruptcy. Furthermore, neither Obama nor Biden is for single-payer universal health care, yet both agreed an equivalent amount ($1 trillion) could be conjured at the drop of a hat for Wall Street.
Is Obama’s economic plan better than McCain’s? Probably. Is Obama’s promise of change worth anything? If so, it’s only enough for a piece of gum to chew as we watch our money burn.
The staggering economic crisis on Wall Street has exposed a dirty little secret: The free market isn’t really “free,” after all, unless you’re the CEO of a major bank. What some have called socialized capitalism for the rich appears to be the running model that so many senators, including both presidential candidates Obama and McCain, are by their own admission reluctantly endorsing. But “no need to worry,” they promise us. Both men will tighten regulations on the out-of-control market and still have money for tax cuts and health care. Ostensibly, money for war in the Middle East will still be available, too, since McCain plans to stay in Iraq and Obama wants to expand the war in Afghanistan.
Of course, the truth as usual probably lies somewhere far away from the campaign promises of politicians on the stump. Regardless of who wins, if the fed’s last-ditch efforts to reverse the market’s credit freeze with billions of dollars of taxpayer money doesn’t work, neither man will be able to begin to make good on any promise.
Polls show that the recent economic crisis increases voters’ chances of voting for Sen. Obama. But is that confidence based on facts or rhetoric? Obama has received more money from Wall Street than McCain – $10 million for Obama, $7 million for McCain – and Joe Biden voted for George Bush’s bankruptcy reform that made it harder for regular Americans to claim bankruptcy. Furthermore, neither Obama nor Biden is for single-payer universal health care, yet both agreed an equivalent amount ($1 trillion) could be conjured at the drop of a hat for Wall Street.
Is Obama’s economic plan better than McCain’s? Probably. Is Obama’s promise of change worth anything? If so, it’s only enough for a piece of gum to chew as we watch our money burn.
Justin Finney
