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Norbert Bufka

Author  ·  Historian

Free markets need regulation

One of the realities of a capitalist economy is the cycle of boom and bust, said more academically, prosperity and depression. The cycle became so serious  in the long decade of the 1930’s and the Great Depression that Congress passed the Glass-Stegal Act in1938 which kep  the investment, insurance, and banking sectords of the economy separated. This Actwas repealed in 1998.

Its repeal was one of the causes of the Great Recession that began in 2008.

Congress, now controlled by wealthy and extreme free market ideologues  are concerned only about their own wealth and reelection. They bailed out the  three sectors in 2008 without giving a thought to he history lesson of the 1930’s. They even added to the path to greater control by allowing the wealthy to “buy” our government leaders through Super Pacs. Both political parties are involved in this chaotic thinking and thus make it virtually impossible to change direction.

the wealthy, with the help of Russian interference and the one issue Catholic bishops propelled Donald Trump into office as president, despite his complete lack of moral integrity or any sense of governing. Christians by the millions are overlooking this flawed human being for the sake of overturning Roe v. Wade. They see Trump as a “savior”.

Because of these factors, Trump is able to get away with abandoning the high values of our country that have in the past shown world leadership  in the areas of disarmament, fighting climate change, regulating dangerous practices that damage our health and environment. All for the sake of making more money. This is becoming very clear in the pandemic we are living with.  The concern of our president throughout has been the economy rather than the health of our citizens.

It is time to change that power structure in Washington. Be prepared to vote in upcoming elections.   

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