POLITICAL observations & opinions

* Taylor (National Journal): a need for honest analysis of the causes of the economic meltdown

Posted by Lew Weinstein on October 17, 2008

Stuart Taylor writes in the National Journal …

  • President Bush, his Securities and Exchange Commission appointees, other free-enterprise dogmatists (LMW: including the de-regulator John McCain) who have stood in the way of regulating risky and opaque financial manipulations, and greedy Wall Streeters  deserve the blame heaped on them for the financial meltdown that has so severely shaken America.
  • But the pretense of many Democrats that this crisis is altogether a Republican creation is simplistic and dangerous.
  • It is simplistic because Democrats have been a big part of the problem, in part by supporting governmental distortions of the marketplace through mortgage giants Fannie Mae and Freddie Mac, whose reckless lending practices necessitated a $200 billion government rescue last month.

LMW COMMENT: This is a thought-provoking column, with the kind of analysis and nuance that never seems to make its way into the sound-bite campaign atmosphere. It put forward a search for causes and understanding that I believe are a vital part of Barack Obama’s make-up, but are way beyond the limited intellectual potentials of John McCain.

Read the entire article at … http://www.nationaljournal.com/njmagazine/print_friendly.php?ID=or_20081018_3384

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