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"Unfortunately, it was allowed to be portrayed that this was a result of deregulation, when in fact it was a result of
overregulation."
Or Governor Mark Sanford, who told Joe Scarborough he was against bailing out the auto industry because it would
"threaten the very market-based system that has created the wealth that this country has enjoyed."
If a politician announced he was running on a platform of "from each according to his ability, to each according to
his need," he would be laughed off the stage. That is also the correct response to anyone who continues to make the
case that markets do best when left alone.
It's time to drive the final nail into the coffin of laissez-faire capitalism by treating it like the discredited
ideology it inarguably is.
If not, the Dr. Frankensteins of the right will surely try to revive the monster and send it marauding through our economy
once again.
We've only just begun to bury the financially dead, and the free-market fundamentalists are already looking to deflect
the blame.
In a comprehensive piece on what led to the mortgage crisis and the subsequent financial meltdown, the New York Times
showed how the Bush administration's devotion to unregulated markets was a primary cause of our economy to ruin. But the
otherwise fascinating piece puts too much focus on the "mistakes" the Bush team made by not paying attention to the warning
signs popping up all around them.
"There is no question we did not recognize the severity of the problems," claimed Al Hubbard, Bush's former chief
economic adviser. "Had we, we would have attacked them."
But the mistake wasn't in not recognizing the "severity of the problems" -- the mistake was the ideology that led to
the problems.
Communism didn't fail because Soviet leaders didn't execute it well enough. Same with free-market fundamentalism.
In fact, Bush and his team did a bang-up job executing a defective theory. The problem wasn't just the bathwater;
the baby itself is rotten to the core.
William Seidman, the longtime GOP economic advisor who oversaw the S&L bailout in 1991, cuts to the chase:
"This administration made decisions that allowed the free market to operate as a barroom brawl instead of a prize fight.
To make the market work well, you have to have a lot of rules."
Even Alan Greenspan, whose owl-eyed visage would adorn a Mount Rushmore of unregulated capitalists, has begun to see
the light, telling a House committee in October that he "made a mistake in presuming that the self-interests of
organizations, specifically banks and others, were such that they were best capable of protecting their own
shareholders and their equity in the firms."
But most Republicans are still refusing to see what's right in front of them.
Especially George W. Bush, our CEO president, who lays the blame not on the failures of the marketplace but on past
administrations and corporate greed. "Wall Street got drunk," he says. Maybe so, but who made the last eight years
Happy Hour, and kept serving up the drinks?
Last week, Ben Smith reported that the GOP was launching "a new, in-house think tank aimed at reviving the party's
policy heft."
In a private memo explaining the think tank, RNC chairman Mike Duncan wrote: "We must show how our ideology
can be applied to solve problems." But, of course, it's that very ideology that's causing the problems. It's like the old
horror movie cliche: "We've traced the call -- it's coming from inside the house!"
We've got to do everything we can to make sure there will be no sequels to this political horror.
The blame shifters cannot be allowed to make their case without the truth being pointed out at every turn.
It's time to relegate free-market fundamentalists to the same standing as Marxist ideologues: intellectual
curiosities.
Recent Political Commentary
Obama Economic Team's Flawed Cosmology:
Still Believing Universe Revolves around Banks
Arianna Huffington
A series of recent meetings with members of Barack Obama's economic team leading to a spirited back-and-forth that made me feel like
I was back at Cambridge, debating the smartest kid in the class), left me with a pair of indelible impressions:
First, these are all good people, many of them brilliant, working incredibly hard with the best of
intentions to solve the country's financial crisis.
Second, they are operating on the basis of an outdated cosmology that
places banks at the center of the economic universe.
My Wish List
Andy Rooney
In an idle moment, trying to come up with an idea, Humorist & Commentator Andy Rooney decided to make a
list of things he should do but has not.
I Would Rather Stay Home & Not Travel
Andy Rooney
Andy Rooney would like to mount a campaign once again to encourage people not to go anywhere as he was
looking at all the ads in newspapers and magazines for places to go. Sometimes, travel is quite unpleasant.
I'm Hedging Today
Andy Rooney
Andy Rooney sees the phrase "hedge fund" in the newspaper every day now and does not really know what a
"hedge fund" is. A hedge fund has something to do with money. He was surprised to find "hedge fund" in one of only six dictionaries,
but then read the definition.
Greening My House
Arianna Huffington
Ever since I saw the Green light, thanks to my friend Laurie David, and traded in my gas-guzzling SUV, I've
tried my best to up my eco-awareness.
Bye-Bye 2008: Things I Want to Forget
Arianna Huffington
2008 was a very memorable year, featuring one of the most unforgettable presidential campaigns in history. I'd like
to take a moment to focus on the things that happened over the last 12 months that I'd love to forget.
The Madoff Debacle
Arianna Huffington
Ambitious and risky undertakings featuring the weeding out of anyone who raises alarms, little-to-no transparency,
an oversight system in which no central authority is accountable, and the deliberate manufacturing of ambiguity and
complexity.
Does this sound Familiar? Is it Iraq? Fannie Mae? Citigroup? Bernie Madoff?
Arianna Huffington argues that the correct answer is "All of the Above."
The Economic Meltdown Will Be Blogged
Politics Arianna Huffington
Losing your job -- or even fearing that you might -- can make you feel powerless. But at the same time you are looking for work -- or learning a new skill -- you can take up blogging. It doesn't require anyone's permission, there is no application process. You just need blogging software (some of the best is free) and the will to express yourself.
Hillary Plus Obama Equals High Drama
Arianna Huffington on the Obama Administration
It's too early to tell what changes Hillary Clinton will bring to Barack Obama's foreign policy, but she's already had an enormous effect on his brand.
Hillary's appointment isn't even official, but the Obama/Clinton narrative has already left the realm of politics. Its twists, turns, shadings and complex emotions are the stuff of literature.
Barack Obama's Call to Service Meets the Economic Meltdown
Arianna Huffington on Politics & President-Elect Barack Obama
Obama's high-tech outreach has been instrumental in getting people across the country to donate millions of dollars and contribute millions of hours working on the campaign. Will it now become a hub for civic action
Obama has always said that a call to service would be a central cause of his presidency. We will ask Americans to serve," he said in a signature speech in July. "We will create new opportunities for Americans to serve. And we will direct that service to our most pressing challenges.
Summit on Financial Markets and the World Economy
G20 Leaders gather in Washington DC to address the Global Economic & Financial Crisis
President Bush and world leaders gathered for the first in a series of meetings to discuss efforts to strengthen
economic growth, deal with the financial crisis, and to lay the foundation for reform to help to ensure that a similar
economic crisis does not happen again.
Barack Obama Wins: Why All Americans Have a Reason to Celebrate
Arianna Huffington on Politics & President-Elect Barack Obama
Even if your candidate didn't win Tuesday night, you have reason to celebrate. We all do. Ten months ago, when Barack Obama won in Iowa, we had a glimpse of what was possible and what became real Tuesday night.
What I wrote then about one state is now true for the whole country: Barack Obama's impressive victory says a lot about America, and also about the current mindset of the American voter.
Barack Obama Closing Arguments Election 2008 Eve
FactCheck.org & the 2008 Election
With the finish line in sight, Obama serves up familiar, pie-in-the-sky promises.
In the last few days, Obama has wrapped up his pitch to the electorate with some misleading claims we've
heard before: He continued to ask voters to believe he can pay for every dime of an ambitious health care
plan and other spending proposals while cutting taxes for all but the most affluent. Budget experts say
that's unlikely. He also kept up the drumbeat on a promise to end "tax breaks for sending jobs overseas,"
as though that could do much to keep jobs at home. Experts say it can't.
John McCain Closing Arguments Election 2008 Eve
FactCheck.org & the 2008 Election
John McCain and Sarah Palin close their campaign with a new set of dubious attacks. In the final week, the
McCain-Palin campaign unleashed some all-new misleading attacks on Obama: McCain strained to tie Obama to a
Palestinian professor whose views on Israel are quite different from Obama's. McCain and Palin both distorted
a seven-and-a-half-year-old radio interview with Obama concerning the court system and civil rights. McCain and
the GOP ran ads claiming Obama's military budget would mean huge job cuts in Virginia, despite Obama's proposal
to increase the size of the Army and Marine Corps – and McCain's own calls for ending wasteful weapons programs.
Barack Obama It’s Official Obama Born in the USA and The Truth About Obama's Birth Certificate
FactCheck.org & the 2008 Election
Of all the nutty rumors, baseless conspiracy theories and sheer disinformation that we’ve dealt with at
FactCheck.org during campaign 2008, perhaps the goofiest is the claim that Barack Obama is not a
"natural-born citizen" and therefore not eligible to be president under the constitution.
There has never been anything but rumor and speculation to support such a claim, and zero hard evidence.
Barack Obama Should Spill a Little Red Ink to Turn a Few More Red States Blue
Arianna Huffington on Politics & the 2008 Election
Republicans, while still holding out hope for a "McCain Miracle," are increasingly worried that McCain is losing in a way that, as David Frum put it, "threatens to take the entire Republican Party down with him."
Democrats, while being careful not to count their electoral chickens before they're hatched, are privately worried about winning without enough of a majority in the Senate to really change things.
John McCain The Internet and the Death of Rovian Politics
Arianna Huffington on Politics & the Internet's Impact
Age has finally become an issue for John McCain. But the problem isn't the candidate's 72 years; it's the antediluvian approach of his campaign.
McCain is running a textbook Rovian race: fear-based, smear-based, anything goes. But it isn't working. The glitch in the well-oiled machine? The Internet.
What McCain May Be Planning & What Obama Can Do to Ruin It
Arianna Huffington on Politics & the 2008 Debates
Political horse-race fans are focusing on Obama's 11-point lead in the new Newsweek poll. But I'm focusing on the 10-point lead McCain has on national security and terrorism -- the only remaining issue voters believe the Republican candidate would be more adept at handling.
As the one arrow left in McCain's quiver-- other than appealing to racists -- national security becomes the likeliest playing field for that GOP fall tradition, the October Surprise.
The Winner of Presidential Debate II? 'That One'
Arianna Huffington on Politics & the 2008 Debates
In Debate II, John McCain twice laid out the criteria for how the American people should judge the candidates: In tough times, we need someone with a steady hand on the tiller. By that measure, Obama was the clear winner.
Does John McCain Still Agree with Ronald Reagan that Government is the Problem
Arianna Huffington on Politics & the 2008 Economic Crisis
Ronald Reagan, in his first inaugural address, famously declared that "government is not the solution to our
problem; government is the problem." Twenty-seven years later, in the midst of the worst economic crisis since the Great Depression, and
seven-plus years into the reign of Bush and Cheney, Reagan's anti-government battle cry should be on trial.
But, stunningly, it is not. This needs to change. The presidential candidates' view of the role of
government should be one of the central questions of the last 36 days of the campaign.
The Bailout Plan: Welcome to Economic Shock & Awe
Arianna Huffington on Politics & the 2008 Economic Crisis
Welcome to Economic Shock and Awe (or as some have dubbed it, according to Paul Krugman, "the Authorization for Use of Financial Force").
Even the amount of taxpayer money being bandied about -- $1 trillion -- is similar. Think you got your money's worth for the Iraq war? Congratulations -- you're about to buy another pricey debacle.
We've seen how negligent the Bush administration is with our money -- flushing billions on wasteful, mismanaged Iraq reconstruction and Katrina recovery projects.
The Palin Doctrine: Why the Neocons are So Excited
Arianna Huffington Politics & the 2008 Presidential Elections & Sarah Palin
Sarah Palin may not have known what the Bush Doctrine was, but we're getting a pretty good idea of what the
Palin Doctrine is. Or will be -- because it's still currently under construction. And what is it going to look like? Let's just say, it's going to seem familiar.
According to London's Daily Telegraph, the architects of the Palin Doctrine are a group of people who have been singularly wrong about virtually everything in the last decade -- the neocons, who have been briefing Palin for weeks.
As predicted, the fact that she didn't know anything wasn't a bug, it was a feature.
She's perfect for the neocons: likeable on the outside, a blank slate on the inside.
To borrow from an old cliche, if Sarah Palin didn't exist, the neocons would have had to invent her.
Sarah Palin: A Trojan Moose Concealing Four More Years of George Bush
Arianna Huffington Politics & the 2008 Presidential Elections
Did Sarah Palin wrongfully push to have her ex-brother-in law fired? Was she really against the "Bridge to Nowhere?" Did she really sell Alaska's plane on eBay, or just list it on eBay? Did she actually have any substantial duties commanding the Alaska National Guard?
The correct answer to all these questions is: Who cares?
Saving the GOP & The Unbearable Lightness of Being Sarah Palin
Arianna Huffington Politics & the 2008 Presidential Elections
You can see why Sarah Palin is such an appealing pick for John McCain. Along with all the things she brings to
the table -- fresh face, mother of five, hockey mom -- Sarah Palin is notable for what she doesn't bring: a track record.
If John McCain had picked any of the far more experienced candidates on his short list, they would have come fully equipped with a long paper trail
McCain Vs. Biden: Not All 'Foreign Policy Experience' Is Created Equal
Arianna Huffington Politics & the 2008 Presidential Elections
What's great about the Biden pick isn't just that he has "foreign policy expertise," it's the kind of expertise
he has, how he uses it, and how useful his expertise is for the unique challenges we currently face around the
world. His approach favors diplomacy and engagement. Contrast that with the approach of John McCain, who also
has "foreign policy experience."
Making The Case That McCain Isn't 'Ready To Lead' on National Security
What I'm really hoping is that Obama will use this downtime to regroup, recharge, and come back ready to relentlessly make the case to the American people that McCain isn't "ready to lead" on national security. Voters trust McCain on the war on terror; Obama needs to show them every day why they shouldn't.
"Swing Vote": What It Tells Us About the Race, and Why Obama Needs to Put Kevin Costner on His Ipod
The makers of Swing Vote, the new film starring Kevin Costner, have pulled off a rare double play, producing a smart political satire that is also heartfelt and moving. It's also a film that turns out to be remarkably relevant to the 2008 race.
Obama's Trip Bounce - Media Obsession With Polls Leads to a Bad Case of Premature Pontification
Isn't it strange that Barack Obama didn't get a bounce from his wildly well-received overseas trip? Of course, almost all of this analysis is based on polls taken before the end of Obama's trip -- a serious case of premature pontification.
Tell Me Again, Why is Obama's Popularity With Our Allies A Bad Thing?
I understand why John McCain's campaign is desperately looking for negatives in Obama's overseas trip. But why have so many in the media internalized the McCain campaign's claptrap?
The Latest Media Blind Spot: Viewing All Criticism of Obama Through a Right-Left Prism
In the last two weeks, there has been a flurry of stories that has tried to portray criticism of Barack Obama's recent stands as the sole province of disenchanted members of "the left" -- also referred to as "the far left", "left-winger bloggers", ...
Surge Amnesia : The Media's Newest Affliction
John McCain, aided and abetted by his loving protectors in the media, is running a victory lap on Iraq. Buoyed by a reduction in violence in Iraq, war supporters are crawling out from the shadows and beating their chests
Memo to Obama : Moving to the Middle Is For Losers
I looked at the Obama campaign not through the prism of my own progressive views and beliefs but through the prism of a cold-eyed campaign strategist who has no principles except winning. From that point of view, and taking nothing else into consideration, I can unequivocally say: The Obama campaign is making a very serious mistake. Tacking to the center is a losing strategy.
McCain's Campaign Funding Hypocrisy: Why are the Media Looking the Other Way?
Isn't it interesting how, after largely ignoring the issue for the last 30 years, during which the GOP consistently outfundraised and outspent Democrats in election after election, the media are suddenly all atwitter about whether the campaign finance system is "basically fair"? How dare Obama inspire 1.5 million donors, giving an average of $197 apiece, to help him raise more money than McCain?
John McCain: The Second Coming of Bob Dole
"Prominent Republicans . . . have been for the first time openly critical" of John McCain's "floundering campaign."
An NBC/Wall Street Journal poll released last week asked the question, "Who do you think will win?" The answer: Barack Obama 54; John McCain 30. Obama is unlikely to win in such a landslide, which means that millions planning to vote for McCain expect him to lose -- as was the case with Dole.
Scotty Come Lately - Seven Takes on Scott McClellan's New Book
In his book "What Happened: Inside the Bush White House and Washington's Culture of Deception," Scott McClellan offers withering portraits of George Bush, Karl Rove, Condi Rice and Scooter Libby, confirms that we went to war in Iraq under false pretenses, and that we were serially lied to about the outing of Valerie Plame.
Unmasking McCain: His Reactionary Record on Reproductive Rights
We've seen the exit polls. I get the anger and the disappointment. Really? In Clinton vs. McCain. And nowhere is the difference more profound than with reproductive rights.
Hillary Clinton's Defeat: A Historic Triumph
A front page story in Monday's New York Times wonders whether Hillary Clinton's flagging run for the presidency is "a historic if incomplete triumph or a depressing reminder of why few (women) pursue high office in the first place."
Political News Commentary and Opinion by Arianna Huffington
Arianna Huffington's e-mail address is arianna@huffingtonpost.com.
(c) 2008 Arianna Huffington. Distributed by Tribune Media Services, Inc.
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Social Commentary and Political Opinion Arianna Huffington
Arianna Huffington Political Commentary presented by iHaveNet.com - Swing Vote: What It Tells Us About the Race, and Why Obama Needs to Put Kevin Costner on His Ipod by Arianna Huffington
Arianna Huffington is a passionate partisan who doesn't mince words and takes no prisoners in her fight for social justice. Her straightforward, unabashedly liberal commentary speaks the language of average Americans. She freely attacks the conventional wisdom of both Democrats and Republicans and, in the process, gives voice to readers frustrated by politics-as-usual.
Arianna Huffington
Arianna Huffington is a nationally syndicated columnist and author of 10 books. She is also co-host of "Left, Right & Center," public radio's popular political roundtable program. Her weekly liberal commentary is syndicated in newspapers across the country by Tribune Media Services.
Originally from Greece, she moved to England when she was 16 and graduated from Cambridge University with an M.A. in economics. At 21, she became president of the famed debating society, the Cambridge Union. Her books include:
"The Female Woman," on the changing roles of women, was published in 1974 by Random House and translated into 11 languages.
"After Reason," on political leadership and the intersection of politics and culture was published in 1978.
"The Woman behind the Legend," published in 1981, a biography of Maria Callas quickly became an international bestseller.
"The Gods of Greece," celebrates the power of myths as guides to forgotten dimensions of life and ourselves. Atlantic Monthly Press republished it with paintings by Francoise Gilot
"Picasso: Creator and Destroyer," a biography of Pablo Picasso was published in 1988. It was a major international bestseller, translated into 16 languages. The book was made into a film starring Anthony Hopkins as Picasso and produced by Merchant-Ivory for Warner Bros.
"The Fourth Instinct," on the longing for meaning in a secular world, was published in 1994.
"Greetings from the Lincoln Bedroom," a political satire, was published in 1998.
"How to Overthrow the Government," on the corruption of our political system and the need for reform, was published in 2000.
"Pigs at the Trough: How Corporate Greed and Political Corruption are Undermining America,"a New York Times bestseller, was published in 2003.
"Fanatics and Fools: The Game Plan for Winning Back America", offers a scathing portrait of our contemporary political landscape with a bold, inspiring and practical approach to restoring America to the promise envisioned by our greatest leaders. It was published in 2004.
Huffington has made guest appearances on numerous television shows, including "Charlie Rose," "Oprah" "Nightline," "Real Time with Bill Maher," "Inside Politics," "Larry King Live," "Hardball," "Good Morning America," The Today Show, " "Countdown" and "The O'Reilly Factor."
In May, she launched The Huffington Post, an Internet publishing venture featuring an innovative group blog where some of this country?s most creative minds will weigh in on topics great and small, political and cultural, important or just plain entertaining.
She serves on several boards that promote community solutions to social problems, including A Place Called Home that works with at-risk children in South Central Los Angeles. She also serves on the Board of Trustees for the Archer School for Girls, the advisory board of the Council on American Politics at George Washington University, and the board of the Reform Institute that works on campaign and election reform issues.
Arianna Huffington lives in Los Angeles with her two daughters.
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