POLITICAL observations & opinions

* Wall Street Journal article attacks McCain’s “less government-less regulation” policies which have caused the current financial mess.

Posted by Lew Weinstein on September 17, 2008

Thomas Frank writes in the Wall Street Journal …

  • The Republican conservatives’ beloved financial system is doing what comes naturally.
  • Freed from the intrusive meddling of government, the American financial establishment has proceeded to cheat and deceive and beggar itself — and us — to the edge of Armageddon.
  • By the way, this is the same system the Republicans would still apparently like to put in charge of Social Security.
  • But the structural changes of the past 28 years that have made all this possible — the waves of deregulation, the takeover of government itself by business interests — these haven’t made too much of an impression on John McCain.
  • In March, Mr. McCain actually called for more deregulation in response to the crisis.

At the Republican convention two weeks ago an ebullient Mitt Romney promised that Mr. McCain would take “a weed-whacker to excessive regulation.”

 

LMW COMMENT:

Right on! In the Wall Street Journal no less. John McCain readily admits he knows little about the economy. The truth of this admission is becoming more clear every day.

Barack Obama has a wide open road to the White House in front of him if he can convince as a majority of the American people that McCain-supported Republican “less government-less regulation” policies simply don’t work. 

 

 

For the entire article, click …http://online.wsj.com/article/SB122161053317045669.html

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One Response to “* Wall Street Journal article attacks McCain’s “less government-less regulation” policies which have caused the current financial mess.”

  1. Bob Lurer said

    As a retired banker having “done” my 30-years in the industry, I’ve seen this coming and have been stupefied at the lesse faire approach of the government in the last 7+ years. The repeal of the Glass-Steagall Act, a law in effect since 1933 and revised in 1935, kept commercial banks separate and apart from investment banking activities and insurance activities. Then Senator Gramm, McCain’s present economic advisor and possible nominee as the Secretary of the Treasury should McCain be elected, pushed for that deregulation. He also pushed for deregulation of energy-producing companies which let to the Enron debacle. McCain, who makes no bones about being a “deregulator” has been on board with this school of thought for his entire Senate career.

    You might be interested in the attached article which appeared Sunday in the Miami Herald.

    Bob

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