“I do not believe that politics in the long run is about individuals. It is about ideas.”
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Health care reform, the marquee legislative accomplishment of the Obama administration's first term, was passed before we entered the world of divided government.
Imagine if the pension funds and endowments that own much of the equity in our financial services companies demanded that those companies revisit the way mortgages were marketed to those without adequate skills to understand the products they were being sold. Management would have to change the way things were done.
As someone with a deep faith in competition and the market, I also know that markets only work with tough enforcement of the rules that guarantee competition and fair play - and that the pressure to break those rules only gets stronger as the amount of money involved gets larger.
When the United States was founded, the very idea of a nation premised on democratic principles of freedom and tolerance was viewed by the vast majority of the world as an experiment doomed to fail. Dictatorships, monarchies, and theocracies had for many centuries ruled the world.
