Meltdown talking points

September 15, 2008

Wall Street in meltdown, and this is what we get from the two presidential candidates:

In a statement, Obama said the upheaval was “the most serious financial crisis since the Great Depression” and blamed it on policies that he said McCain supports.

[. . .]

 “It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my administration. In order to do this, major reform must be made in Washington and on Wall Street,” McCain said in his statement.

Swell, talking points — “the need for reform” from McCain and “it’s Bush’s fault” from Obama. We’ll need to hear a few more details — about what needs to be regulated and unregulated and deregulated — before either one of them will inspire much confidence.

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5 Responses to “Meltdown talking points”

  1. Nance Says:

    Jesus Christ, Leo. Here you’ve got a markets snafu so thoroughly FUBAR that the minds of mere mortals can barely wrap their heads around it, and you’re whining that all you got from the candidates are talking points? OK, ball’s in your court: You’re the nominee for president, and you’re asked for a response to the weekend’s events suitable for a news roundup, i.e., a paragraph. What would you say?

    I’ll go first: “The current crisis on Wall Street is only the latest, and most of it can be traced back to heedless deregulation of financial markets by lawmakers across the party spectrum, but most of them with an R after their name — and yes, I’m looking at you, Phil Gramm. In a sane world, the taxpayers who are going to clean up after this mess would storm his houses with torches and pitchforks, tar and feathers. But as we all know, our world is insane, so he stands thisclose to being John McCain’s treasury secretary. Keep that in mind this November. Thank you very much.”

  2. Leo Morris Says:

    Well, as a starter, I think bailing out once was a mistake, because it gave folks the idea that risk would be subsidized. NOT bailing out this time was, I think, the right call for the long haul. The root of the problem goes back to making credit too easy and making a bunch of loans that should never have been made — egalitarianism gone wild. And the fault was certainly bipartisan, but I think the impulse goes back to a lot of people with D after their names.

  3. alex Says:

    Predatory lending is egalitarianism gone wild? Please pass me whatever it is you’re smoking.

  4. gadfly Says:

    Freddie and Fannie are proof positive that our govenment needs to remain outside of the capitalist markets. Bureaucracy and business do not mix well.

    Democrats believe passing the buck to lenders and the health industries will provide benefits that make the people happy and save the government dole for their own earmaks.

    The high-risk lending programs forced down the throats of bankers are finally coming back up and making quite a mess. Bankers by nature would never loan to people who cannot afford to pay the money back …they simply are not built that way. Barney Frank et al created the problem and now the Dems want the taxpayers to finance a bailout.

    Predatory lending my a$$! Incompetent congressional nincompoops (both sides)! Amen.

  5. alex Says:

    Barney Frank? Hadn’t heard that one. Please advise which frequency my dental fillings need to be tuned into.


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