On MSNBC's "Morning Joe" today, the host Joe Scarborough was discussing the airline industry with business reporter Erin Burnett.
Burnett said something like "I'm against regulation and in favor of the free market, but something has to be done about the failing airline industry. Perhaps it's time to nationalize it." Joe seemed to agree.
What was the reason these two stauch Republican free market advocates think the airlines should be nationlized or at least regulation be reinstated? They both fly a lot and they are concerned about cancelled flights, smelly airplanes and poor treatment.
We're hearing the same kind of thing about the housing industry now that everyone is losing equity in their homes and we are in a recession because greedy companies violated the ethics that are supposed to be automatic in a free market, part of Adam Smith's "invisible hand." And we heard something similar during the Enron debacle which cost California and innocent Californians billions of dollars.
Republicans love the free market, except when it fails, or inconveniences them. They love deregulation until it hurts them. They believe in the invisible hand, until that invisible hand sticks itself into their pocketbook and withdraws cash.
When will they learn that deregulation and the free market have some dangerous downsides and that unrestrained greed inevitably wreaks havoc on economies?
They will never learn. Even those who are today calling for regulation will change their mind when the economy gets back on track with a Democratic president and congress.
This is why Democrats cannot ever allow Republicans to foist their free market, deregulation voodoo on the country again.
That is one of many reasons why John McCain must be defeated.
