12 October 2008

McCain to the rescue? I don't think so.

This is the man who's going to fix the economy? If I were a McCain supporter, I'd be angry too . . . about who my party picked:

John McCain on 3/25/2008 in response to the subprime upheaval:

"Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments to raising capital."

Hmmm. Deregulation should fix the problem. We need to give banks and accountants more leeway to find "creative" solutions to their problems. And we should probably stop looking over their shoulder as they work--it's like so-o-o distracting.

And in another quote:

"The other part of what happened was an explosion of complex financial instruments that weren't particularly well understood by even the most sophisticated banks, lenders and hedge funds."

The accountant magicians who made off with hundreds of millions of dollars in personal wealth didn't understand how these things worked?! This is like saying that the burglars who robbed the bank didn't realize that their dynamite might damage the door of the vault. What a crock! The people who expanded personal fortunes in this fiasco shouldn't be criticized for their ignorance: they should be lauded for their success and cleverness. These are the Bonnies and Clydes of the modern age! Someone should be creating some folk songs in homage to these people. The only person who doesn't get it and thinks it's too complex is McCain. The average Joe on Main Street knows perfectly well what happened--we've been robbed by bizarro Robin Hood and his gang of merry Republican men who steal from the poor to give to the rich.


wunelle said...

The whole thing kind of crushes the little piece in one that yearns to believe the best in people.

The financial instruments are not well understood because they've been specifically engineered to elude scrutiny. Oversight cannot be provided for something that can't even be comprehended.

It's good that the economy is not placed in my hands. But we should insist upon transparency when we're all held hostage when things go wrong, and we should demand close oversight by people who know what the hell they're regulating.

Comrade Kevin said...

Well, you know, he doesn't know much about the economy and all.

ddjango said...

Man with a gun to man with his hands in the air:

"I'm just raising capital, sir. Consider this an investment."