James K. Galbraith: Goodbye, Conservatives. Hello, Predators

Please read famed economist James K. Galbraith's article "Goodbye, Conservatives. Hello, Predators", a simple discussion about the erosion of trust and the need for government in a modern economy (to prevent the predators from taking over markets). It is powerful:

Real conservatives know that neither Bush nor McCain is one of them. Bush is a bread-and-circuses reactionary with a clientele of lobbies. McCain gets his economic ideas from Phil Gramm, the ultimate architect of the Enron culture, of libertine speculation and financial disaster. As for Sarah Palin, back in Alaska she took every dime of pork she could lay her hands on. This crowd deregulates and privatizes not because they think it might work out for the public but because they know it won't. What they care about is putting their friends in charge.

Under Bush, oil and gas, drug companies and defense contractors, insurers and usurers, banks and big media control the government of the United States. John McCain was a key member of the Keating Five and a lynchpin of the savings-and-loan debacle; then, as chair of the Senate commerce committee, he presided over Lobby Central; notoriously, his campaign is run by lobbyists to this day and until last week his policy could be summed up in slogans: he was a "free market" man, a "deregulator." Sarah Palin is an interesting case. What was she known for in Wasilla and Juneau? For trying to fire any public servant, from the town librarian to the state commissioner of public safety, who didn't toe her line. Bush and McCain are the predator state writ large, and she is the predator state writ small.

More on McCain:

The crisis forces McCain back to issues and exposed the emptiness of his campaign. He resorted to theatrics, "suspending" his campaign to fly to Washington to "work" on a bailout bill, only to demonstrate that his leadership charms were lost on Republican members of the House. At the White House summit he had nothing to say. Later he attacked the morals and ethics of Wall Street, but backed a bill that was aimed to protect the stock prices of the Wall Street firms, while imposing no new discipline and doing nothing to stop the foreclosures. And when it came time to actually cast his vote, he couldn't be bothered even to speak from the Senate floor.

It seems unlikely that John McCain, the regulation-wrecker, will become, overnight, the man who would turn vice to virtue on Wall Street. But even suppose he were serious. Who would trust him? No one with money on the line.

This is McCain's deeper problem. If he is elected, under his leadership, trust cannot be restored. No one with his philosophy or record can do that. Restoring trust requires a government of trustworthy people. Team McCain doesn't have any, and some, especially Gramm, inspire the opposite. It wouldn't matter what their policies were or pretended to be. Nothing they attempted would work.

Galbraith doesn't give Democrats a free-pass but rather a real comparison:

The Democrats did not do well in the crisis; they were conflicted, divided, unsure of their ground, and they got rolled on many details. Yet they nevertheless broke through politically; Nancy Pelosi's stinging speech last Monday was a rare statement of plain truth. And so the choice in this election is well-defined. One party believes that the government serves no public purpose. The other believes that it must. One party has turned the government over to lobbies, to cronies and to big donors. The other is beginning to realize that a real government must be rebuilt. One party would keep the same crowd in office; the other would have to begin by clearing them out. No one can say there is no difference between the parties this year, and the basic issue in this election is really just as simple as that.

Source: The Big Money