Election '08: The Financial Blame Game
With the expanding financial crisis moving from mortgage holders, to lenders, to banks, to insurers, it's only natural that politicians who didn't foresee it all or did nothing to stop it should start pointing fingers. As if on cue, Barack Obama is blaming the current Bush/McCain administration. Oh, wait, McCain isn't in the Bush administration. No matter; Obama's high-minded supporters who foam at the mouth any time Bush's name is mentioned think that all that has gone wrong in the world is the president's fault. However, blaming Sen. McCain when Obama, last I checked, is also a senator, is ludicrous. There is enough blame to go around. Let's blame:
-- Policians and community activists who browbeat lenders for not giving those with shaky finances mortgages;
-- the Fed for continually lowering interest rates to keep the economy afloat, causing many to take risks they otherwise shouldn't have;
-- lenders for enticing gullible borrowers to take on more debt-through complicated ARMs or other hard-to-understand financial products-than they could handle;
-- greedy borrowers who took on too much debt;
-- the Bush administration for not pushing through needed oversight and reform;
-- Congress for not regulating those they are charged to regulate.
As I said, there is more than enough blame to go around. Sen. Obama, heal thyself.
3 Comments:
Stan,
Blaming McCain and the rest of the Republicans is not "ludicrous" when you consider its their policies of deregulation -- which McCain would only perpetuate -- that have gotten us into this mess we're in now.
Just yesterday the NY Times published this editorial by Bob Herbert in which he says, "This entire McCain health insurance transformation is right out of the right-wing Republicans’ ideological playbook: fewer regulations; let the market decide; and send unsophisticated consumers into the crucible alone."
http://tinyurl.com/mccainsradicalagenda
McCain will only deliver more of the same failed Bush/Republican policies. It's time to move on into a better future. Barack Obama represents real change. John McCain does not.
Steve,
Come on, man. Democrats controlled Congress and did nothing to stop this crisis. Obama said nothing until the campaign. Stop being such a blind partisan. You're smarter than that.
Stan
Here's a good, brief overview that I think makes a lot of sense: http://online.wsj.com/article/SB122160943366545595.html?mod=djemEditorialPage. No one gets off easy.
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