Earth to Bernie:  Where are you? All is forgiven, Come back. We need you NOW.

When the world gets in trouble people inevitably turn to their government to bail them out: They don’t turn to AT&T or Apple or even Warren Buffett. Those folks have all gone underground in well stocked shelters.

Profit-driven corporate types and the Corrupt investment community are unlikely saviors in times of strife when there is no obvious enemy to villainize or (dare I say it) to sue.

When times are normal (good) conservative models work well – at least for some; but Corona crisis spares no one; rich, poor, old, young, white, colored. Moderated regulation may be in order. Now, If only we had a competent U.S. Congress to fairly set the terms.

Maybe Elizabeth (Wacky) Warren and (Crazy) Bernie Sanders are right. Remember when Jack Nicholson, in A Few Good Men, said, “You can’t handle the truth.”

Right now, Airlines, Hotels, and all travel related companies have lined up at Washington’s door for hand-outs – it is 1928 and 2008 redux. Mortgage lenders, insurance companies and big pharma are right behind them.

But can you remember when banks, airlines and power generating companies were government regulated?

I would argue that all three of those industries worked well and served their customers better when regulated than do today’s unregulated managements. (Please don’t tell me that is the role of a Board of Directors.  It’s okay to laugh now.)

Today banks are gamblers – not lenders and/or depositories serving the common person. Glass Steagall, under Jimmy Carter in 1978, converted every bank into an international gambler. Small companies today struggle to get a loan and Joe Average earns 0.75% interest on his savings account. The banks love it: Joe – not so much! Regulation may bring them back to their roots. (Good luck)

Flying was pleasurable when routes were regulated. Today flying is a nightmare to be avoided unless absolutely necessary. Before de-regulation, airlines were managed by industry pioneers (Eddie Rickenbacker -Eastern, Juan Trippe -PanAm, Collett Woolman -Delta, Bob Six – Continental, and C.R. Smith – American). Today, lawyers and accountants call the shots at every airline company. We, the flying public grumble at the service, but chortle at flying round-trip from NYC to LAX for $250. These fares cannot (will not) survive Corona.

Ask any Californian what they think of Pacific Gas & Electric – a “for profit” regulatory company that teeters on bankruptcy while homes go dark and bond holders argue who gets paid in bankruptcy and who does not. Apparently, underground lines never occurred to them.  At least the lawyers will get paid. Bank on it.

Excuse me, for now I must go and wash my hands and disinfect my brain. My government has told me to do so.

You are welcome.

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