I believe Simon Johnson is right – the financial industry has captured the entire political process, including the Obama administration. Ironically, Pius XI railed against this very threat in Quadragesimo Anno, but we don’t hear much about that in Catholic circles. But the Republicans take industry capture to a whole level, remaining wedded to an outdated and dangerous mantra of deregulation. Upon their latest electoral victory, they have asked industry what regulations they would like to dispense with. Auto makers immediately responded with how much they hate the proposal to increase fuel-economy standards to 62 miles per gallon by 2025. Apparently, they don’t like new safety features like increased rear-view visibility either. This reminds me of Ralph Nader’s campaign to introduce little ideas like seat belts, hugely opposed by industry at the time. But it’s not just the auto companies. The National Association of Manufacturers has attacked regulations on enhancing worker health, improving toxin standards, and fighting pollution. They object to a requirement for employers to find and fix hazards in their workplace. The masters have spoken. Will the servants obey?
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