Free Market Capitalism vs Public Safety
Lead poison or low prices? Lead poison or low prices? Decisions..Decisions
By now many of you have probably heard the disturbing news about Mattel Inc. recalling 18 million Chinese manufactured toys world wide, made with lead contaminated paint. This horrifying development is obviously worrisome for those of us with small children. First it was pet food recall from China, then the tooth paste recall , and now, our children's toys. This is what you get when you let the 'market' decide. Ever since Ronald Reagan, many in the US government have been pushing the idea of supply side economics to the American people, thus marginalizing the role of government in regulating business.
Aided by globalization and the Neo-Cons' economic philosophy, the Milton Friedman school of economics is taking over the US and world economy. Even the media, which are supposed to be the "watch-dog" for the people, seem more and more like they are accomplices to this misguided philosophy.
Since this story broke a couple of weeks ago, I have watched debates on TV between pundits who actually defend China's position, if you can believe that, and those who call for stricter government regulation on imports. But this piece of video by Erin Burnett takes the cake. Erin is a 'reporter' for CNBC, the business and financial channel. Last Friday, while discussing the stock market's bumpy ride on MSNBC's Hardball with Chris Matthews, A.K.A. Tweety, Erin made the following astonishing comment about the China toys issue.
You know, when you talk about inflation, that‘s another interesting point because a lot of people like to say—scare monger about China, right, a lot of politicians, and I know you talk about that issue all the time. I think people should be careful what they wish for on China. You know, if China were to revalue its currency or China is to start making, say, toys that don‘t have lead in them or food that isn‘t poisonous, their costs of production are going to go up, and that means prices at Wal-Mart here in the United States are going to go up, too. So I would say China is our greatest friend right now. They‘re keeping prices low and they‘re keeping prices for mortgages low, too.
Below is a clip of that same remark. You will not believe your ears. I have watched it about 10 times, and I still do not believe she actually said that. I wonder if Ms Burnett has ever set foot inside a Walma...hell, I wonder if Ms Burnett knows what Wal-Mart is! Oh, and by the way, the executive in charge of the Chinese company responsible for the lead paint contamination hanged himself. Hmm, I wonder if he figured the government was going to execute him anyway like it did with the former head of food and drug agency, or he felt guilty about it. Hard to say. Now, I am not advocating suicide here, but I bet you would not find a corporate executive in the US who would even think about committing suicide for something like this.
