When corporations make seemingly wrong or immoral decisions, such as the bad investments allegedly sold by Goldman-Sachs or the massive bonuses given by failing, taxpayer reliant banks during the height of the financial crisis, Americans tend to blame these companies. However, no matter how horrifically immoral these private interests act, they are just that- private, for-profit businesses. They act as expected, in the best interest of their profits. It is not their responsibility to act with appreciation for the American consumer of the US economy; rather, it is the job of regulators. Irresponsible and immoral action by corporations is the fault of poor regulation and of regulators who do not fulfill their jobs.
Due to the privatized nature of the American economy, there is a paramount need for the US government to protect consumers. It is important that regulators are conscientious and unbiased judges for the American people, unlike those involved in the companies they regulate, like members of both the Treasury Department and the Department of Interior.
The 2008 economic crisis was a result of un-meticulous regulation by the federal government. The mining disaster in West Virginia could have been prevented if regulations had been stricter. If, historically, oil companies were better restricted, the BP oil spill would not have been so incredibly massive.
Critics call strong regulation overreaching by the federal government. However, it is the very job and nature of the US government to protect consumers, and, often, through regulation. Created “for the people, by the people”, it is the responsibility of the people’s government to act on behalf of and protect its citizens, whether this is from outside forces or from the nation’s own companies. The only way the American government can fully do this is to actively advocate and regulate.
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