Question of the Weekend
This weekend's weekly Tennessee political question deals with local government bond issues:
Tennessee State Comptroller Justin P. Wilson is expected to release new rules next week that would tighten the present rules under which Tennessee municipalities and counties may issue bonds to finance new schools, roads, stadiums, and other projects. A collapse in the bond markets last year raised questions about risky bond issues by our State's local governments, which ultimately has led to new regulations from the Comptroller's office.
Labels: Local politics, Tennessee politics
posted by Deacon David Oatney @ 11:30 PM
1 Comments:
The stories about how the investment banks of the world took advantage of unsophisticated local governments and school boards are horror stories. The banks that did this should be dissolved and their management imprisoned as their actions were nothing short of criminal. As bad as it sounds, this was nothing but a reflection on unfettered capitalism. In order to be beneficial to American citizens, capitalism must be highly regulated. Ayn Rand was utterly and completely wrong - unregulated capitalism will eat itself and the people it purports to serve.
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