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This is a wholly owned problem in terms of its creation by the failed Bush policy, ...
their anything-goes approach to our economy,"
House of Representatives Speaker Nancy Pelosi told reporters on Thursday.
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Sen. Charles Schumer, a New York Democrat, said McCain and Bush are "completely regulatory" and that maybe McCain should "ask that Bush be fired instead of Cox."
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Reid also took aim at Phil Gramm, a former Republican senator from Texas who is now one of McCain's fiscal advisers.
"It was Phil Gramm who pushed legislation through a Republican Senate that allowed firms such as Enron to avoid regulation and destroy the life savings of its employees, and it was Phil Gramm's legislation that now has (allowed) Wall Street traders to bid up the price of oil, leaving us to pay the bill," Reid said.
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http://www.reuters.com/article/topNews/idU...0080918?sp=true
Hoping a Hail Mary Pass Connects
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Then again, maybe the S.E.C. is trying to cover up its own culpability in this crisis. Four years ago, the agency pushed through a rule that allowed the big investment banks to take on a great deal more debt. As a result, debt ratios rose from about 12 to 1 to more like 30 to 1. Guess what Lehman’s debt ratio was when it went bust? Yep: 30 to 1.
...
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It’s understandable why people get upset at short sellers in tough times. As President Bush put it Friday, short sellers are “intentionally driving down particular stocks for their own personal gain.” But that perception is more myth than fact, and in any case, it’s not the dynamic here. Stocks are falling because companies made huge mistakes that have caused them a heap of trouble. Indeed, in July and August, short interest in financial stocks declined by 20 percent. Why did the stocks continue to go down? Because there were too many sellers and not enough buyers: it’s that confidence thing again. Blaming the shorts is classic blame-the-messenger behavior.
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http://www.nytimes.com/2008/09/20/business...p;8dpc&_r=3
Rev. Jackson seeks ban on Wall St. campaign money
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Jackson called on oversight committee members to return campaign contributions from Wall Street lobbyists and firms, saying they can't take money from companies and industries they oversee and retain credibility as regulators.
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http://www.chicagotribune.com/news/chi-ap-...0,3533482.story
Sound, logical approach ... I have a feeling that will be ignored ! ... as Mc Keating says he's the sheriff that is "gonna clean up Washington" !
“This Week” Roundtable Consensus: McCain is clueless on the economy
It’s a cold day in hell when the entire “This Week” panel rails against John McCain
and his utter confusion when it comes to the economy. Cokie Roberts raises the specter of Herbert Hoover, Donaldson rightfully pins the deregulation racket on McCain and Republicans, calling McCain’s promise to champion regulation a “hard pill to swallow,” and George Will says McCain acted “unpresidential” and that the issue of age should re-enter the debate over whether McCain is fit for the job.... with video
http://www.crooksandliars.com/2008/09/21/t...on-the-economy/
