Rooted in Reason: Nurturing the Seeds of Liberty

Free Market Ideology to Blame for Recession? by grassroothawaii
May 25, 2011, 11:33 am
Filed under: Uncategorized

by Frances Nuar

I’m sure you’ve seen the wonderful article on Dick Rowland, acting president of Grassroot that Star Advertiser ran a few weeks ago. Perhaps you even saw a letter to the editor from John Yoza, who blamed the ideology of the  Grassroot Institute for the whole financial mess we’re in. Here’s a response from Mr. Rowland to Mr. Yoza:

Regarding the letter from John Yoza in the 5/10/11 Honolulu Star-Advertiser “Free-market ideology helped bust market”. Mr Yoza blames a busted economy in the USA on free-market ideology propagated by Grassroot Institute. He says “This ideology infected the minds of government regulators….” and then goes on to blame Grassroot for doing that in order to generate enormous amounts of “wealth for themselves”.

Gosh, the enormous power over US government regulators and the wealth of the Institute are news to me. As a matter of simple fact, the regulatory failure Mr Yoza cites is a major error committed solely by the US government due to laxity and non-attention to duty. To correct that, Mr Yoza wantsthe guilty party to get bigger, not better.

Thomas Paine said “It is the responsibility of the patriot to protect his country from its government”

Measure that against Mr Yoza’s remarks.


1 Comment so far
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There is something disingenuous about claims by anti-regulation organizations that the government is to blame when problems occur because of the lack of regulations. This is what Mr. Rowland of the Grassroot Institute of Hawaii is doing here.

His was in responding to the criticism of the Free-Market-Can-Do-No-Wrong ideology of his organization, which I stated is at the root of the greatest economic crisis since the Great Depression. Millions of Americans have lost their jobs because of this recession and millions still have not been able to find work to this day.

There were a number of major deregulatory measures taken by the government that precipitated this crisis. This came about because of the efforts of corporate lobbyists and organizations like Mr. Rowland’s that preached the mantra of the Free-Market-Can-Do-No-Wrong.

The lesson we must to take away from this Great Recession is that there needs to be a balance between business activity and regulations that govern them. We have strayed too far toward deregulation and unless we correct this we will surly experience another economic disaster.

Comment by John

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