His Father's Nightmare

In this week's 5-point-descent, Barack Obama lectures us (in the Wall Street Journal) on the glories of Big Business and the evils of regulating it.

For two centuries, America's free market has not only been the source of dazzling ideas and path-breaking products, it has also been the greatest force for prosperity the world has ever known. That vibrant entrepreneurialism is the key to our continued global leadership and the success of our people.

But throughout our history, one of the reasons the free market has worked is that we have sought the proper balance. . . Sometimes, those rules have gotten out of balance, placing unreasonable burdens on business — burdens that have stifled innovation and have had a chilling effect on growth and jobs. . .

. . .Today, I am signing an executive order that makes clear that this is the operating principle of our government. This order requires that federal agencies ensure that regulations protect our safety, health and environment while promoting economic growth. And it orders a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.

We are also making it our mission to root out regulations that conflict, that are not worth the cost, or that are just plain dumb. . . As the executive order I am signing makes clear, we are seeking more affordable, less intrusive means to achieve the same ends — giving careful consideration to benefits and costs. This means writing rules with more input from experts, businesses and ordinary citizens.

We're also getting rid of absurd and unnecessary paperwork requirements that waste time and money. We're looking at the system as a whole to make sure we avoid excessive, inconsistent and redundant regulation. And finally, today I am directing federal agencies to do more to account for — and reduce — the burdens regulations may place on small businesses. Small firms drive growth and create most new jobs in this country. We need to make sure nothing stands in their way.

This is the lesson of our history: Our economy is not a zero-sum game. Regulations do have costs; often, as a country, we have to make tough decisions about whether those costs are necessary. But what is clear is that we can strike the right balance. We can make our economy stronger and more competitive, while meeting our fundamental responsibilities to one another.

Another view.



And Glenn Greenwald on how "Obama has won the War on Terror debate" - for the far right.