The Daily Item, Sunbury, PA

The Rave

July 1, 2013

Undermining the purpose of government

(Continued)

In the role of banker or investor, the state would have unburdened itself from ownership responsibility for consequences. That undermines one purpose of government.

The financial meltdown of recent years that, by some estimates, destroyed up to 40 percent of our wealth, was possible because credit ratings agencies and securities regulators benefitted from enabling risk and turning blind eyes to the practices that were designed to crash.

The watchdog who depends on the intruder for supper has little reason to bark and no reason to bite.

 

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