In reply to Christopher Arend’s 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 didn’t 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.