Urban Fold

The Gulf Oil Spill Illustrates a Corrupt Regulatory System

On the Commons criticizes the policy of 'enclosure' that has allowed "the systemic failures of the regulatory system and its political sponsors, Congress and the President," to go unnoticed.

David Bollier argues that the "corporate institution is systematically taking resources that belong to all of us; privatizing the market gains and socializing the risks," while the public taxpayers pay the cost. He criticizes President Obama for failing to act decisively enough and delegating "supervision of the BP spill to industry-friendly regulators like Chu and Interior Secretary Salazar."

Bollier is concerned that "reforms will be half-hearted and symbolic, not structural and effective." He labels Rahm Emmanuel's famous comment that "a crisis is a terrible thing to waste," as a diversion and distraction.

Full Story: The Enclosure of the Gulf

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