If the economic situation weren't so grim, it'd be darkly amusing watching conservatives hunting for a scapegoat other than Bush administration True Believers. Hey, they're all Brownies now. Heckuva job. For a generation, devotees of the very bad novelist Ayn Rand have assured us that greed is a virtue and government oversight of financial institutions an impediment to genius. In the "ownership society," financial regulations were for pantywaists. In GOP-think, governments exist purely to drop bombs and monitor other people's sex lives. Financial deregulation has been the Republican miracle elixir since Ronald Reagan. Back in March, Sen. John McCain reassured The Wall Street Journal that despite being "aware of the view that there is a need for government oversight" in debacles like the sub-prime lending crisis, "I am fundamentally a deregulator." In between winks and shout-outs to "Joe Sixpack" during the vice-presidential debate, Sarah Palin also wanted it both ways. She praised McCain for "pushing for even harder and tougher regulations." Then she said patriotism means saying, "Government, you know, you're not always the solution. In fact, too often you're the problem, so government... get out of the way and let the private sector and our families grow and thrive and prosper." Meanwhile, naïve, otherworldly progressives argued that mortgage lenders needed regulators in the back room for the same reason they needed locks on the front door. You'd think that any adult who'd ever bought real estate, avoided losing his life savings to Nigerian e-mail scams or even spent rainy afternoons playing Monopoly as a child would understand this fundamental fact of human nature: If you make it easy for people to steal, they'll steal everything, including the silverware and Grandma's dentures.
Alas, too many heeded pie-in-the-sky GOP theology. The miracle-working market absolved us all from sin; hence, from the Reagan-created savings-and-loan crisis onward, corporate financial scandals have grown steadily larger and more dangerous. But abandon dogma? Never.
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