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

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.

[skeptomaniac]

Wow. Thanks for posting this article. I'll definitely pass it around. I'm reminded of the absurd over-expansion of Krispy Kreme, except that this situation is 1-gajillion times more evil and dangerous.

I like your new userpic.