McCain doesn't grasp cause of finance crisis

[maddezmom]

McCain doesn't grasp cause of finance crisis
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September 24, 2008

ANDREW GREELEY [e-mail]
There are a lot of ironies in the fire as a Republican administration, the most conservative since Herbert Hoover, strives to invest $700 billion to create a socialist financial system. The current president uses the same style of intense concern that was typical in his advocacy of the Iraq War, apparently the only tone he has available for a crisis.

He does not say, nor do the smart bankers, who will profit from this "emergency," which is the result of the "deregulation" that began with President Ronald Reagan. The deregulation policies have now made necessary more de-deregulation or re-regulation. Got it?

The spiritual heirs of Reagan are reaping the whirlwind that Reagan sowed. In charity, someone should point that out to Mr. John McCain. To modify the metaphor, the whirlwind is sweeping a lot of chickens who are coming home to roost.

Another irony in the fire is that the new incumbent presumptive, fresh from his economic brilliance in the "Keating Five" savings-and-loan scandal, continues to preach de-regulation. The causes of the present crisis, he tells us, are greed -- especially as revealed in the work of lobbyists (apparently not including those who dominate his campaign staff) -- "earmarks" legislation, intervention of government institutions like the so-called Fannie Mae and Freddie Mac bureaucracies. Moreover, the "Fed" should go back to assuring the public that the dollar is "sound," and he personally will fire the head of Securities Exchange Commission. Finally, Sen. Obama is to blame because he hasn't come up with a program of his own to match the Republican program.

more:http://www.suntimes.com/news/greeley/1181031,CST-EDT-greel24.article

[groovedaddy]

1. But, but "the fundamentals of the ecomony are sound even though I really don't

know much about economics, I know I can fix our fundamentally sound economy, that really doesn't need fixing. It just needs less greed, less regulation..."
What an idiot!!!