The debacle on Wall Street is the bitter fruit of a failed economic philosophy espoused by the likes of Grover Norquist (“slash government and drown it in a bathtub”), Dick Cheney (“deficits don’t matter), George W. Bush (no need for a quote here; everything he touches has turned to smoke), and of course John McCain, who has consistently been a leading advocate for drastically reduced government regulation and oversight (see today’s Washington Post article on McCain’s flip-flop). To a fundamentally flawed Republican economic policy add the appointment of incompetent cronies to key supervisory positions, and the result is a meltdown of the financial sector that will end up costing American taxpayers hundreds and hundreds of billions of dollars. The mismanagement has been simply stunning; even worse are the bogus claims of solidarity with working Americans now spewing from the McCain camp in a desperate attempt to shift the blame for the sorry mess we are in. If Sen. McCain can get through the first few chapters of Samuelson’s Economics, he might have a better understanding of what is needed to establish a sound economy where every American prospers. He will have plenty of time to contemplate this new knowledge in his well-deserved retirement in Sedona after the November election.
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