The Only People Helped by Deregulation Are Predators
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Those who ignore the lessons of history are doomed to repeat it. This tenet is being proven today in the area of government regulation.
Government regulations for private industry were not created by a bunch of back-room congressmen just fishing for laws to pass. They were created in response to an outcry against abuses perpetrated by the greedy and powerful.
Regulatory agencies were created to protect the public interest in areas of vital concern against those who would abuse their power and take advantage of innocent people.
Deregulation allows the abuses to become possible again. Glib phrases such as “getting the government off the backs of the people” are not a true indicator of what happens.
Deregulation gets government off the backs of the predators. The prime example of that is in the deregulation of the savings and loan industry, with its disastrous results. Similar effects are beginning to be felt in the airline industry, the trucking industry and the communications industry.
Let us not have to again go through the whole cycle of abuse, outcry, legislation and regulation. Let us have the good sense to remember the lessons of history and preserve regulations that protect the public.
AARON KOMMEL
Northridge
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