Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies.
One of the first times I used the phrase “institutional insanity” was in 1973 to describe the behavior of scientist Dixy Lee Ray, chairperson of the presumed regulatory agency, the Atomic Energy Commission (AEC). I pointed out that her personal and academic roles were quite normal. But her running of the AEC—pressing for 1,000 nuclear plants in the U.S. by the year 2000 (there are 99 reactors left in operation now), and going easy on a deadly, taxpayer subsidized technology that was privately uninsurable, lacked a place to put its lethal radioactive wastes, a national security risk, replete with vast cost over-runs, immunities and impunities shielding culpable officials and executives, should a meltdown occur and take out a city or region (all to boil water to produce steam to make electricity)—was a case study in “institutional insanity.”
As the Trump wrecking crew ramps up its destructive campaign against federal health and safety protections and social services for impoverished, disabled and vulnerable people (young and old) the latest targets of their ire are the federal civil servants who faithfully keep our government functioning here and abroad.
The Lawless-loving corporatists have worked overtime to besmirch the word “regulation” (or law and order for corporations) and edify the word “deregulation,” to help bring about their dream state of dismantled or weakened regulation.