Casting an orange fly toward the bear, I think that without stringent federal regulation, there would be scores of private fishing lodges and jet boats racing about. Instead of catching (and releasing) 250 salmon, grayling, and trout in a week, my take might be a fraction of that. The bears might well be rugs in some corporate chief executive’s office.
As the debt ceiling talks raged in Washington and GOP candidates talked of overturning “Obamacare” and new financial oversight, certain undeniable realties crept into thought as I stood in the sub-Arctic river. First, that while law is the glue that holds a society together, it’s state and federal regulations that are the discipline protecting the weak and vulnerable (including bears), who, without government oversight, can’t protect themselves.
True, the government does not always know best and federal regulations are ever ripe for a case-by-case review. But it is also demonstrably true that business and industry without federal oversight can behave shamelessly.
Millions of Americans remain jobless and homeless because of the recent mortgage debt crisis. The laissez-faire, nonregulatory attitude of the previous Republican administration fed the fantasy – also promoted by the Clinton White House – that everyone was qualified for pipe-dream loans.