So yesterday the pope issued an encyclical that, if the headlines are anything to go by, was specifically designed to drive Republicans crazy and single-handedly win Hillary Clinton 110% of the Catholic vote next year. Doubt that? While most of the missive’s 183 pages were devoted to the so-called “science” of climate change and how it’s not good for poor people and definitely not what God wants us to be doing, Papa Frank also threw in a few other little Easter eggs that should, at the very least, send the spinning corpse of William F. Buckley into orbit and get Paul Ryan racing for the nearest Baptist church.
Saving banks at any cost, making the public pay the price, foregoing a firm commitment to reviewing and reforming the entire system, only reaffirms the absolute power of a financial system, a power which has no future and will only give rise to new crises after a slow, costly and only apparent recovery. The financial crisis of 2007-08 provided an opportunity to develop a new economy, more attentive to ethical principles, and new ways of regulating speculative financial practices and virtual wealth. But the response to the crisis did not include rethinking the outdated criteria which continue to rule the world….
[E]conomic powers continue to justify the current global system where priority tends to be given to speculation and the pursuit of financial gain, which fail to take the context into account, let alone the effects on human dignity and the natural environment… To ensure economic freedom from which all can effectively benefit, restraints occasionally have to be imposed on those possessing greater resources and financial power.
Latest Critic of Too-Big-To-Fail: Pope Francis [WSJ MoneyBeat blog]