Deregulation: part 1

Charles Brown CharlesB at
Tue Feb 13 07:58:37 MST 2001

One of the first targets of the regulators was the finance industry, which
was widely seen as the cause of the Great Crash. So the Securities and
Exchange Commission (SEC) was created and Joseph Kennedy, the bootlegger,
slumlord and financier-thief, was put in charge of it. When critics
complained that Kennedy (father of Jack, Robert and Ted) was a master
speculator, FDR blithely responded that it was all to the good, since
Kennedy knew the tricks of the trade. Later on Ted Kennedy would follow the
example of his father by using his senatorial powers to deregulate
transportation. In either case--regulation or deregulation--a particular
ruling class family would find itself looking after the interests of the
class as a whole.


CB: Thanks for this report Lou. The above passage, and your whole discussion
demonstrates how regulation/deregulation is a form of state-monopoly as Lenin
predicted the direction of that process in _Imperialism_,  I think this process must
be conceived of as a formation, dissolution, and reformation of new monopolies.  It is
difficult to tell whether the California situation is a dissolution or  a phase of a
cunning reformation.  Because capitalism is the exclusive "game in town" , eventually
even the dissolutions become a field for some monopolist like Samuel Insull to pickup
the pieces in a new monopoly.

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