End the FDIC!

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Mike Konczal dips into 15 years worth of financial regulation advice from the Cato Institute and is impressed with their consistency:

With one exception [], there are no new ideas on financial market regulation as a result of the financial crisis. None….You would have no idea that we’ve just experienced the most major financial crisis since the Great Depression by reading their high-level policy suggestions. How cool is that?

The only change is that in 2009 they aren’t calling for abolishing FDIC insurance….They do that every year except their latest version. I wonder why they’ve backed off that all of a sudden? Did the financial crisis show a lack of panic in the commercial banking system, and they suddenly support FDIC insurance? Or are they biting their tongues and sitting it out for a half decade or so before calling for it to be dismantled again?

I’m guessing the latter. Still, I’m disappointed that they’ve turned out to be so craven on this vital issue of libertarian principle.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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