McCain and the Meltdown
Posted in Main Blog (All Posts) on September 19th, 2008 4:28 am by HL
McCain and the Meltdown
“The fundamentals of our economy are strong,” John McCain said as Wall Street went into white-knuckle panic over diving investor confidence. Does he believe that? It doesn’t really matter, because the Republican has outsourced his economic policy to the ideologues whose opposition to regulations brought the financial markets to their knees. McCain’s former economic adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors.
Obama’s Remarks in Elko, Nevada
Elko, NV As Prepared for Delivery The events of this week have shown that the stakes in this election couldn’t be clearer. We are in the midst of the most serious financial crisis in generations. Three of America’s five largest investment banks have failed or been sold off in distress. Our housing market is in shambles, and Monday brought the worst losses on Wall Street since the day after September 11th. Monday brought the worst losses on Wall Street since the day after September 11th, and today we learned that the Fed had to take unprecedented action to prevent the failure of one of the largest insurance companies in the world from causing an even larger crisis.
