McCain, the economist

On the worst day in the stock market since 9/11, McCain announces his idea for solving our economic problems. He explains the cause:

bq. the old-boy network and the corruption in Washington is directly involved and one of the causes of this financial crisis that we’re in today.

I wonder if McCain has forgotten that he was part of that “old-boy network and corruption in Washington” for the last 26 years. I know he hopes we all forgot.

So his solution is to create a “a high-level commission”:http://www.iht.com/articles/ap/2008/09/16/america/NA-POL-US-Elections.php to investigate similar to the “9/11 commission”:http://www.9-11commission.gov/. We’ll ignore the fact that the Bush administration ignored all the recommendations of the 9/11 commission report, but McCain thinks bureaucrats will solve the problems that, he believes, bureaucrats created.

He is correct that bureaucrats created the problem. Republicans and McCain hate regulation and the housing and banking crisis we’re experiencing was caused by the de-regulation that the Republicans have wanted for years and got in the mid-1990s. “McCain supported the de-regulation”:http://www.govtrack.us/congress/vote.xpd?vote=s1999-105 that caused it! In fact, 38 of the 39 Democrats in Congress voted against it and all 44 Republicans voted for it. This was a problem clearly created by Republicans, as McCain correctly pointed out.

Now, McCain’s own economic advisor has a solution:

bq. a McCain economics and policy adviser, Douglas Holtz-Eakin, said any plan should include regulation of all sorts of financial institutions, consumer protections, improved corporate governance and “systems stability” programs.

In other words, we just need to undo McCain’s mistake. Yet McCain thinks we need a commission to spend several years thinking about it. Republicans have no understanding of economics beyond cutting taxes.

2 thoughts on “McCain, the economist

  1. Um, there’s PLENTY of blame to go around.. the problems with Fannie Mae and Freddie Mac have been culminating for years, and no one – Democrats, Republicans, the President, the SEC, Congress – no one – did anything to circumvent today’s problems.. To plug it solely on the Republican party is very naive to say the least.

    And what HAS Congress been doing these past 2 years? I can’t find a single thing they did to improve ANYTHING in this country.. the “do nothing” Congress in the second Bush term is not off the radar of the American people.. we’re not stupid..

    McCain stepped up and came up with ideas and solutions on how to move forward with these problems.. Obama took 3 days, saying he wanted to see what was happening before making any statements.. what?! That’s not leadership!! He waited until the polls showed how he could improve his political career.. that’s not leadership we can trust!

    Country first!!

  2. I love that. When Republicans cause the problem, they don’t want to play the “blame game” or the problem crosses party lines. When Democrats cause a problem, they had unpatriotic evil intentions that are dooming America to hell.

    You’re clueless. McCain stepped up and waffled between regulation and de-regulation and then called for the firing of the head of the SEC, who had nothing to do with it. Is that what you call leadership? Republicans seem to call leadership the ability to make rash decisions without having the facts and stubbornly sticking to them in the face of irrefutable evidence that they’re wrong. George Bush proved that that kind of leadership doesn’t work.

    Obama consulted with his economic advisors, people who are respected in their field and said the responsible thing “There is no clear answer yet”. Which, by the way, is what everyone, except dummies like McCain (and you, apparently), can agree on. McCain’s economic advisors are Carly Fiorina, a person who almost killed HP before she was fired (and then cried “sexism” for her firing), and Phil Gramm, a politician, not an economist, who has made a career of poor economic decisions and wrote the bill that de-regulated the banking industry that everyone agrees caused this mess.

    Go think for yourself. Oh wait, you’re a republican, that’s not allowed.

    Can’t you find another blog to post on? Or have you fallen in love with me?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s