Reagan and Enron
One last note on Reagan, which came to mind while reading the Times editorial on Enron
Reagan is best known for his belief that we should “get government of the backs of the people” and that “government is not the solution, it is the problem.”
Once again, this is a myth that does not stand up to reality, as the Times points out:
One energy trader gloats about cheating "poor grandmothers." Another suggests shutting down a power plant in order to drive up electricity prices. A third, hearing of a fire under a transmission line that caused a power failure, shouts "burn baby, burn." Another says that he would like to see Kenneth Lay — then Enron's chief executive — wind up as energy secretary in the new Bush administration.
An exhaustive study released by the Federal Energy Regulatory Commission in March 2003 confirmed what everyone had long suspected — that Enron and other major energy companies manipulated California's energy markets in 2000 and 2001 in ways that cost the state billions. Now comes the most graphic evidence yet of the cynicism and ruthlessness with which Enron's floor traders, presumably with the endorsement of their superiors, rigged the market.
Yes, Virginia, the government does have a purpose and that purpose is to keep an eye on the private sector which, no matter what Reagan said, cannot be completely trusted.
Reagan is best known for his belief that we should “get government of the backs of the people” and that “government is not the solution, it is the problem.”
Once again, this is a myth that does not stand up to reality, as the Times points out:
One energy trader gloats about cheating "poor grandmothers." Another suggests shutting down a power plant in order to drive up electricity prices. A third, hearing of a fire under a transmission line that caused a power failure, shouts "burn baby, burn." Another says that he would like to see Kenneth Lay — then Enron's chief executive — wind up as energy secretary in the new Bush administration.
An exhaustive study released by the Federal Energy Regulatory Commission in March 2003 confirmed what everyone had long suspected — that Enron and other major energy companies manipulated California's energy markets in 2000 and 2001 in ways that cost the state billions. Now comes the most graphic evidence yet of the cynicism and ruthlessness with which Enron's floor traders, presumably with the endorsement of their superiors, rigged the market.
Yes, Virginia, the government does have a purpose and that purpose is to keep an eye on the private sector which, no matter what Reagan said, cannot be completely trusted.
posted by Zack at 8:42 AM
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