This article gets back the heart of what NobodyisFlyingthePlane means.
You can’t make sense of [Trump’s] shocking victory last year without reference to the downward spiral of public faith in governing elites and established institutions. Years of stagnating incomes, combined with dimming prospects for the future, have primed voters for the message that the system is “rigged” and that only an outsider not beholden to the corrupt establishment can clean it up.
That’s an essential part of NobodyisFlyingthePlane.
Any smart and decent person knew that Trump could never be the solution to lost faith in government. Sadly his message resonated with enough ignorant racist sheep and their self interested political overlords to elect him.
The good part of this article recognizes that the President alone won’t be a solution. We had all these same problems when we had the only decent man since Carter as President. The system itself is rigged and it’s those players we have to battle.
Our predicament of slow growth and sky-high inequality has many causes, but one important factor is the capture of the American political system by powerful insiders — big businesses, elite professionals, wealthy homeowners — that use it to entrench their own economic power. In so doing, they protect themselves from competition, fatten their bank accounts with diverted wealth and slow the creative destruction that drives economic growth.
In the financial sector, a web of regulatory subsidies sustains financial institutions’ unhealthy reliance on extremely high levels of debt. These subsidies, including policies that strongly encourage mortgage securitization as well as the implicit promise to bail out “too big to fail” institutions, swell profits in the near term while increasing the systemic risk of a catastrophic meltdown in the long run. The result is a financial sector much bigger than the economy needs, chronic misallocation of capital and the diversion of some of the country’s top talent into counterproductive work. Luring people into excessive debt, draining their savings with hidden fees, inflating the next asset bubble — these and other dubious “contributions” by finance to the economy need to be curtailed.
The problem is not only at the national level. NIFTP is happening at the local and state level.
In addition, many regressive regulations are made in obscure places with limited participation, such as state licensing boards and town councils in charge of approving new housing. Insiders with narrow interests, whether self-serving professional groups or Nimby neighbors, have the motivation and resources to show up at poorly attended meetings and work the system, often at odds with the general public’s interest in low prices and economic opportunity.
One suggested solution:
Courts at all levels need to be less deferential to regulatory schemes that — in contrast to environmental or labor regulation — have no justification other than the protection of incumbent interests. For example, courts could force legislatures to explicitly approve expansions in the scope of occupational licensing, depriving licensing boards of the power to do so in shadowy obscurity.
Trump Made the Swamp Worse. Here’s How to Drain It. https://nyti.ms/2yNU44e