Forum Post: A SENATOR whose actions support the Occupy movement's mission AND how deregulation caused the 2008 financial crisis.
Posted 4 years ago on Feb. 5, 2012, 11:29 a.m. EST by therising
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"Middleaged" just posted some great info. There are TWO SEPARATE PARTS:
A. Sherman anti-trust act info
B. Deregulation obsession
PART A: SHERMAN ANTI-TRUST ACT INFO (don't miss the senator's quote at the bottom of this section.
From Middlaged post: "Here below are your Individual Rights (just for citizens not for states or for corporations), but they don't prevent oligopilies which were later addressed in with the "The Sherman Act of 1890" or the "US AntiTrust Laws".
1) Freedom of Speech, Press, Religion and Petition
2) Right to keep and bear arms
3) Conditions for quarters of soldiers
4) Right of search and seizure regulated
5) Provisons concerning prosecution
6)Right to a speedy trial, witnesses, etc.
7)Right to a trial by jury
8) Excessive bail, cruel punishment
9) Rule of construction of Constitution
10) Rights of the States under Constitution
From Wikipedia: As Senator John Sherman put it, "If we will not endure a king as a political power we should not endure a king over the production, transportation, and sale of any of the necessaries of life." Congress passed the Sherman Antitrust Act almost unanimously in 1890, and it remains the core of antitrust policy. The Act makes it illegal to try to restrain trade or to form a monopoly. It gives the Justice Department the mandate to go to federal court for orders to stop illegal behavior or to impose remedies.[20
PART B: DERGULATION OBSESSION
From "Middleaged" post:
Wikipedia Quote on Think Tanks Influence: Deregulation gained momentum in the 1970s, influenced by research at the University of Chicago and the theories of Ludwig von Mises, Friedrich von Hayek, and Milton Friedman, among others. Two leading 'think tanks' in Washington, the Brookings Institution and the American Enterprise Institute, were active in holding seminars and publishing studies advocating deregulatory initiatives throughout the 1970s and 1980s. Alfred E. Kahn played an unusual role in both publishing as an academic and participating in the Carter Administration's efforts to deregulate transportation. Wikipedia Quote on Regulatory Capture: One problem that encouraged deregulation was the way in which the regulated industries often controlled the government regulatory agencies, using them to serve the industries' interests. Even where regulatory bodies started out functioning independently, a process known as regulatory capture often saw industry interests come to dominate those of the consumer. A similar pattern has been observed with the deregulation process itself, often effectively controlled by the regulated industries through lobbying the legislative process. Such political forces, however, exist in many other forms for other special interest groups. http://en.wikipedia.org/wiki/Deregulation#History_of_regulation