Friday, September 19, 2008

A Quick Note on Grampy McSame

I've been collecting my thoughts this evening, after the wildest day in decades in the stock market, so this is just a quick note. But I wanted to mention that, on the brink of one of the most catastrophic meltdowns in the financial markets since 1929, after the bankruptcy of Lehman Brothers and the nationalization of AIG, after a day in which the Fed became a socialist institution (gasp!), John McCain has penned an article in the current issue of Contingencies, the magazine of the American Academy of Actuaries. The piece, appearing in the Sept/Oct edition, titled "Better Health Care at Lower Cost for Every American" has this timely advice about what to do about health care in America:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
Hmmm, just as we've done in banking, huh? This would be the same "we" that gave us this disaster in the markets this week, the same "we" that gave us unbridled greed and unlimited excess on Wall Street--those heroes of deregulation, John McCain and his buddy, Phil "You Whiners" Gramm! McCain's role in the invention of the Blackberry may be dubious, but there's no doubt at all that for years he's been one of Washington's biggest proponents of unregulated markets.

As Kos points out, in one paragraph McCain both acknowledges his role in this crisis in the markets, and simultaneously demolishes his attempts to blame Obama for it. McCain gave us the "fundamentals" of this disaster, McCain was for deregulation before he was against it, and McCain wrote this article for current consumption, not years ago. McCain isn't a populist champion of regulation, he's a liar and a fraud.

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