POLITICAL observations & opinions

* McCain’s “deregulation” policies favor the financial, oil and business elite; Obama’s plans are designed to benefit the majority of Americans

Posted by Lew Weinstein on September 21, 2008

AP Economics Writer Martin Crutsinger writes …

  • The economy could suffer a massive hangover from the government’s efforts to rescue the financial system in the form of a soaring debt burden. 
  • The administration is seeking $700 billion to take a mountain of bad loans off the books of financial firms.
  • To get the funds to buy up the bad mortgage loans that have threatened to bring the financial system to its knees, the government will have to borrow. And that borrowing will come at a time when the federal budget deficit is already soaring.

LMW COMMENT:

There are no perfect solutions to the economic mess; every solution will impose its own set of costs and risks.

It is very important, however, to understand that this mess derives directly from the Republican “less government-less regulation” policies practiced relentlessly from Ronald Reagan to George W. Bush, and wholly supported by John McCain.

If John McCain is elected, he will continue those policies, regardless of what pompous lies he is currently spouting.

Barack Obama will take this country along a very different path. That path, too, has its risks and costs. But it is a path honestly designed to benefit the majority of Americans, not the financial, oil, and business elite so obviously favored by McCain-Bush.

 

To read the entire AP story, click … http://news.yahoo.com/s/ap/20080920/ap_on_bi_ge/financial_meltdown_economy_8

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