Tuesday, September 16, 2008

Bush whacked

President George Bush seems to be trying a Texas two-step to get John McCain elected. Nationalizing Freddie Mac and Fannie Mae, massive borrowing to prop up other failing banks; that should get us through to the November election. More stop-gaps until January and it's someone else's problem.

Look at today's financial meltdown. Lots of attacks, but where's the beef?

McCain and Barack Obama to the rescue? Why am I cynical?:

Merrill-Lynch: McCain $394,300; Obama $229,100
Bank of America: McCain $177,500, Obama $263,500
Lehman Brothers: $117,500, Obama $370,500
AIG: McCain $103,000, Obama $82,600

Sure, they're two Senators out of 100, but they've been burnishing their Presidential credentials instead of dealing with the problem.

Blame Bush for lax regulation, with the help of both parties. Both candidates say they're going to fix that. Meanwhile, I'd suggest looking at their economic policies as a whole. This issue looks like a wash.

They say in the stock market…buy stock in a business that’s so good that an idiot can run it because sooner or later one will. -- Warren Buffet


Lil' Hammerhead said...

If both plans "are a wash".. at least go with the guy who has the confidence to say he's got a grasp on the economy right?

KAP said...

Obama told a group of these guys they needed more regulation a year ago, so yeah, he appears to have more of a handle on the issue.

But they both have the same problem: their 'experts' come from the industry they want to regulate. McCain's lucky Gramm put his foot in his mouth a couple of months ago and isn't 'officially' part of the team; he was one of the authors of loosened regulation.