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Call Me A Pro-Market Populist, Too

Call Me A Pro-Market Populist, Too

James Pethokoukis wrote an interesting article the other day, Why Wall Street Should Fear Sarah Palin.

Palinomics, embryonic as it is, seems to be rooted in “free-market populism,” a version of conservative thinking that is pro-market rather than pro-business. It says the role of government is to help markets function more fairly and efficiently for everyone, encouraging competition and “creative destruction” (which Palin specifically mentioned in her book). Pro-business policies, by contrast, can end up subsidizing favored companies, raising barriers to entry and otherwise entrenching the status quo.

This distinction between markets and businesses nicely sums up my own views on regulation, and I believe, reflects the main thrust of those who participate in the Tea Party movement. 

Having spend most of my career representing the interests of small investors, I am most interested in protecting the integrity and fairness of the securities markets.  But I have little tolerance for Wall Street mischief or market manipulation, so I am pro-securities regulation provided that regulation does not entrench and protect bad behaviors even further. 

A level playing field for the public is the goal, as elusive as it may be.

By contrast, neither Democrats nor establishment Republicans really are pro-market.  Democrats want to protect people from fair markets by gaming the economic system in favor of politically connected groups, most notably unions.  Establishment Republicans are concerned with structuring the tax code and regulatory environment to benefit established businesses. 

While my interests and those of the anti- or pro-business regulatory state may intersect on occasion, philosophically we have little in common.

Count me in as one of those simplistic people who believes in markets.

Update:  Being a free-market populist also probably reflects my lack of intellectual curiosity.

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Comments


"The level of regulation required is determined by that level which produces the most efficient and innovative economy."

Wrong. Regulation inherently is inefficient and curtails innovative. And who gets to decide what lavel is required? What you are advocating is a dictatorship.

"Establishment Republicans are concerned with structuring the tax code and regulatory environment to benefit established businesses."

Vague enough. No, they are concerned with structuring the tax code and regulatory environment that promotes the most freedom which benefits everybody.

Is creating a tax code and regulatory environment that benefits non-established business your idea of fairness and free markets?

Typical "populist." Your all for freedom, as long as it's convenient and does not offend the 'masses.'

"A level playing field for the public is the goal, as elusive as it may be."

That sounds like a socialist platform to me. It can't happen in the free market, because not all the players on the field have the talent to succeed. The only real way you can create "equality" is through force.

Interesting how you equate lowering taxes across the board and removing regulations with favoring "existing" business. (As opposed to favoring non-existent business?) Your idea of a free market seems to be one in which are business are equal expect for successful ones because they apparently are blocking other business just by being successful. Therefore, they must be forcibly removed in the name of 'fairness.' Personally, I find the idea of playing favorites with smaller and less successful businesses just as bad and anti-free market as doing the same with large ones.

Are you sure your love for the SEC (aka The Weasels Guarding the Chicken House Commission) and your time spent trying to destroy Wall Street via lawsuits didn't make you a liberal deep inside?


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