Is Our Economy Governed By Any Kind Of Rule Of Law?

10-15-2010 • washingtonsblog.com/

The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law. *** True to form, the Obama administration’s response has been to oppose any action that might upset the banks, like a temporary moratorium on foreclosures while some of the issues are resolved. Instead, it is asking the banks, very nicely, to behave better and clean up their act. I mean, that’s worked so well in the past, right? The response from the right is, however, even worse .... conservative commentators like those at The Wall Street Journal’s editorial page have come out dismissing the lack of proper documents as a triviality. In effect, they’re saying that if a bank says it owns your house, we should just take its word. To me, this evokes the days when noblemen felt free to take whatever they wanted, knowing that peasants had no standing in the courts. But then, I suspect that some people regard those as the good old days. I'm happy that someone as prominent as Krugman is weighing in on the side of the rule of law. I've been hammering on that topic for years: Fraud Finally Being Discussed in Polite Company ... Now Where Are the Prosecutions? A Free Market Is Not Possible Without Strong Laws Against Fraud The Economy Will Not Recover Until The Perpetrators Of Our Crises Are Held Accountable Economist James Galbraith: Economists Should Move into the Background, and "Criminologists to the Forefront" Senior S&L Regulator Says Government Engaging in Massive Cover-Up of Economic Crisis: “The Entire Strategy Is to Keep People from Getting the Facts” No Wonder the Economy Isn't Improving The Root of the Economic Crisis: Dishonesty

2 Comments in Response to Is Our Economy Governed By Any Kind Of Rule Of Law?

Comment by Anonymous

Entered on: 10/16/2010 4:57:45 PM

Is Our Economy Governed By Any Kind Of Rule Of Law? This headlined question attracted my attention while I was half asleep and woke me up. Yes, a good portion of the American public still believes that our economy is governed by the Law of Supply and Demand. They are so pissed off that they want Congress to amend this law! Think of this number of Americans we have in the science of economics. You see and hear them in websites and the Internet everyday complaining about the state of the economy, mostly acting like scholars, challenging the workings of Keynesian Economics. I heard their arguments not of this planet but originating from Mars. If you are taken, you would think that Harvard, schools, colleges and universities and other institutions of higher learning have no use in this planet!

Comment by PureTrust

Entered on: 10/16/2010 3:01:27 PM

The rule of law that our nation and economy is ruled by is "innocent until proven guilty." So, in all cases of someone claiming he/she was harmed or damaged by someone else, it must be proven before the guilty person can be declared guilty.

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