Wednesday, September 17, 2008

Can Bush save McClone from his foot in mouth disease?

Karen Fox asks on Op-Ed News,
Did George Bush bail out AIG to save AIG or John McCain and the Neocons?
and continues:
John McCain has stated repeatedly and today that "the fundamentals of the economy are sound." Alan Greenspan said yesterday that the economy was in the worst shape in a hundred years. Money manager Michael Lewitt wrote in Tuesday's New York Times, "AIG's collapse would be as close to an extinction-level event as the financial markets have seen since the Great Depression." Imagine if AIG had folded tomorrow and the world stock markets crashed right after Senator McCain stated that the economy was fundamentally sound. It would have been the end of Neocon reign.
It seems to me that the Bush administration (particularly Sec'y of the Treasury Paulson) are as usual flying by the seat-of-their-pants. They are making decisions on a day-to-day (maybe hour-to-hour) basis (much like the "worldwide war on terror" and Katrina). They clearly have no overall plan to undo the economic mess they have made. Although Clinton (the President) contributed to the current crisis, it has been primarily the Republican ideology of de-control, to let the corporations pretty much have their head with no reins in sight, and to undo all the oversight provisions put in place after 1929, that has brought us to this current point.

John McClone, although he denies it now, has been a strong advocate of de-control. According to wire service reports:
[McClone] supported 1999 GOP-sponsored legislation that tore down Depression-era legal walls separating commercial banks, investment banks and insurers from one another. However, President Bill Clinton, a Democrat, signed it into law.

Throughout his congressional career, the Arizona senator has usually backed cutting federal regulation of industries in the name of promoting free markets and ending government interference, which is Republican ideology.
Now, of course, as with everything else he's trying to reinvent himself as an advocate of regulation. The question is: Will voters buy this snake oil? I think people in the U.S. are smart enough to see that the potential emperor has no clothes. But we shall see.

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