In reply to Christopher Arends letter Aug. 4:
Big Oil is one of the most regulated industries? The whole regulatory structure in this country has been corrupted and bought off over decades, staffed with industry friends who have already had or look forward to well-paid careers in the industries they regulate. Look at the regulatory corruption and failings that led to the financial collapse in 2008. Lots of flash and noise and hearings, but almost nothing is ever found or done by politicians who are in the pockets of the corporations.
I didnt call for nationalization. Nationalization invariably means faceless bureaucrats and politicians who rule from above and more often than not nationalize industries to save them and subsidize them and hand them back over to the original corporatists. I called for transparent, open, democratic public control and ownership.
Open all corporate books and records. Purge directors and CEOs. Use lower-/mid-level corporate executives who really know the industry. Include elected representatives of white- and blue-collar industry workers, working people in general, consumers, communities and stakeholders, all overseen by appointed or elected honest brokers such as Elizabeth Warren, Paul Krugman, etc.
Ignorance of socioeconomics showing? Yes, but not mine.