Letter: PSC foresight protected state utility ratepayers

Dear Editor:

The meltdown on Wall Street and Washington, D.C. brings into focus the wisdom of the Montana Public Service Commission to deny the acquisition of NorthWestern Energy by the Australian firm BBI just 15 months ago.

In recent months, both the U.S. and Australian operations of BBI have crashed, proof that PSC foresight protected Montana utility ratepayers.

Decisions of the Bush Administration and their allies, including Sen. John McCain, to deregulate the financial services industry contributed to the house of cards which started falling on Sept. 15. Instead of maintaining a sound and prudent regulatory environment for the financial services industry, they celebrated an unfettered marketplace.

Barack Obama warned of the impending problems in the financial services sector and offered corrections for those problems. His concerns were pooh-poohed by the Bush Administration and their allies. The costly 'bailout' offers proof that 'an ounce of prevention is better than a pound of cure.'

Repairing the damage to our national economy caused by policies of the Bush Administration will be a long and difficult process. We should entrust that repair work to those, like Sen. Obama, who warned of the impending crisis before it occurred, not those who blindly created it.

Greg Jergeson

Montana Public Service Commission chair

Chinook