Democrats realize that regulation of nearly every industry and business is necessary in order to achieve a level playing field for all. For over 120 years it has been necessary to protect consumers, workers, families, and the environment from the abuses of the profit-only “free market” capitalist system.
Capitalism left alone will by its nature ruin our environment, cause untold suffering of workers and consumers, and lead us quickly to a nation of have and have-nots, as it very nearly did in the Great Depression. Democratic New Deal Regulations saved us then, and got us back on track, and for many years it was commonly accepted that regulated capitalism is necessary to spur creativity, good job growth, economic fairness, and create a sustainable road to the future. Look at the Savings and Loan Crisis, Enron, Katrina insurance disaster, the Housing Bubble, E-coli outbreak, the ’08 Financial Crisis, BP blowout—all examples of inadequate regulation that was in vogue from the Reagan Administration on. In the past two years Democrats have made some progress in the regulation of huge financial institutions, but much remains to be done in this area, and the entire area of regulation of multinational corporations. We recognize that regulations can be a hassle, but their higher purpose is essential to everyone.