On McCain, deregulation, and the Wall Street collapse

[juliandrago]

Three Times is Enemy Action

Devilstower at Daily Kos puts forth an excellent, accessible summary of McCain's involvement in the Keating Five scandal, and skillfully highlights how the economic philosophies of McCain--and his economic adviser Phil Gramm, the "nation of whiners" guy--have contributed to the recent financial problems on Wall Street.

Comments

Yo.

[gsilis]

Good article. Knew that the current problems were caused by some sort of debt-trading, but didn't know exactly what. I have a disagreement with business-think: grow Grow GROW! Growth is a positive thing, that people seem to think is never-ending.

This may be a total rant. But I think the idea of giant profits, the flipping of houses as mentioning in the article for example, shows an inability to see consequences of ones actions, or anything outside your own limited scope. Who wouldn't want to buy something one day and sell it for 10 times the value the next day? What's forgotten is that another person must be there to buy it from you, but the only thing you think about is the selling of it, what happens afterward isn't your concern. I think that can be seen in the current crisis. Banks and institutions driven only by the prospect of making quick money, make decisions without realizing the possible consequences or their influence in the lives of others. I don't know, maybe I'm too old-fashioned...

Of course, the thing I will most remember will be the coining in my mind of a great term: "monster bankeragasurances."

Hope you're doing well, man.

Re: Yo.

[juliandrago]

it all goes back to an oft-debated question: should the invisible hand of the free market roam completely free, or should another hand be around to smack it every once and a while?

i think this recent collapse gives a pretty definitive answer. that being said, there is such a thing as over-regulation as well.