Quote:
Originally Posted by Arles
The thing that always worries me about government run industries is the lack of accountability. Take 2 recent examples - defense contracts and Fannie Mae/Freddie Mac. Let's compare the accountability of those to some highly visible private companies in Enron and Lehman Brothers. The mostly republican senators who went along with terrible defense purchases and the democratic senators who helped make Fannie and Freddie a disaster are still in congress and will face no accountability unless they are voted out. And, the sad reality is, there's no way any of these guys will get voted out.
Enron, on the other hands, has had numerous executives in jail and Lehman Brothers filed for Chapter 11. None of the people that made the bad decisions in these companies will be making future decisions. In congress, guys like Frank and Dodd will face no accountability for their actions in the housing issue. And it took a federal indictment to get the "King of Pork" Ted Stevens (rep) out of office. If he wasn't as careless as he was, he would still be dishing out defense spending pork like crazy.
If the US government runs some of these companies into the ground by poor management/strings, they will simply tar and feather the current CEO and move on to the next poor sap in private industry.
Until we can come up with a practical way to hold these house and senate members accountable for terrible legislation, letting them run a chunk of American business is a recipe for disaster, IMO.
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This is the best post I've read in a while. Good job and I agree 5000%, Arles.