I write this before the election, but I believe that if the extremist party Mitt Romney represents takes office, we are in for a boatload of horrors. Far from the pragmatic Republican Party of earlier decades, which often worked with the Democrats to craft foreign and domestic policy for the good of the country, this one is composed of ideologues, given to continuous war abroad and privatization of nearly all public services at home. They set out, in the words of their chief propagandist, Rush Limbaugh, to “make Barack Obama fail,” hardly a patriotic agenda in time of national economic meltdown. This crisis had been engineered by 1920s style deregulated markets, reestablished in a cooperative effort of both parties.
But now Republicans refused to participate in stabilizing a plummeting stock market by helping to reinstate even the most basic regulation of banking.
During the largely prosperous second half of the twentieth century, the Glass Steagall Act, which kept commercial banks from engaging in speculative market investments on the order of brokerage houses, prevented the US from sliding into the boom/bust cycles which began in the early 1800’s and culminated in the Great Depression of the 1930s. Glass Steagall passed during FDR’s presidency with bipartisan support. But the Obama administration’s much less rigorous Dodd-Frank bill passed without a single Republican vote. To Romney and Ryan, it is a stifling encumbrance on business investment. They want, as do the Wall Street money barons who fill their campaign coffers, to return to the complete deregulation of markets and derivatives that triggered the wild subprime loan speculation which caused the 2008 crash.
But return to unregulated markets is only a part of the extremist Republican agenda. The billionaires who fund the Romney campaign share a mania for privatization. Following anti-tax ideologue, Grover Norquist, they would privatize Social Security, placing earned senior retirements in an unstable, deregulated stock market, and they would also privatize Medicare, opening the door to more costly and restrictive treatments. Present insurance company “managed care” is the most expensive and inefficient in the world, largely because it is run for profits reaped by insurance executives. Privatization of Medicare, the one element of medical service delivery that is partially publicly funded and regulated, would produce huge new profits for insurance companies, but higher costs and reduced availability of care for seniors. Today’s Republicans, who cater to America’s wealthiest while claiming to stand for all families, also aim to repeal Obamacare, which they have convinced many naïve citizens will cost them more, when in fact it delivers care to over thirty million Americans who previously could not afford our high priced private insurance with its many exclusions.
But the worst aspect of Republican extremism is its massive militarism. Here Republicans violate their own supposedly small government principles. Romney repeats endlessly in debates, ads and speeches the neocon mantra that it is a very dangerous world and we must have even more than the present half to three quarters of a trillion dollar “defense” allotments per year to counter our “enemies,” among whom, for the first time since the Cold War ended, he numbers Russia. He continuously mouths the neocon line that the prospect of Iran getting a nuclear weapon is a grave threat to peace. Why? Pakistan, which harbors more terrorists than Iran, got them, and we did not bomb them. In fact, we retained them as an ally, even though they gave nuclear secrets to the familial rogue dictatorship, North Korea, which they now use to threaten our ally, South Korea. During the Cold War, deterrence worked between the Soviet Union and the United States. And it is so far working between arch rivals India and Pakistan. Israel has hundreds of nuclear weapons, surely a deterrent to Iran. Yet Romney endorses Israeli leader Netanyahu’s intent to preemptively bomb Iran. Iran borders Russia and partners economically with Russia, China, Venezuela and Brazil. An Israeli/American attack on it would cause a major regional war, raising oil prices out of sight and triggering another recession. Such a war could set the great powers in conflict in what could escalate to a third world war. Should Obama be reelected, all these things would be less likely, but you can bet the Republicans would devote their full energies to “making him fail again.”