It could be a good and nuanced argument to suggest that the government could have perhaps stopped the damage at the housing market by making some steps in the right direction when the first bits started to trickle like the Danish boy who put his finger in a dike (that's not how dikes work and its a myth and only an American myth at that). However, I'd like to make another argument...
The economy hates John McCain. It wants regulation and somebody to stop the losses and when it became possible that there would be more hands-off and deregulation (to solve the problems caused by deregulation), which reminds me of Enron claiming that the California brownouts were caused by too much regulation rather than Enron manipulating the market to steal lots of money, being able to because there was deregulation, just as Bush took office to remove the protections against price gouging Clinton put in before he left.
Deregulation causes a problem, the solution is clearly more deregulation. I think the market is suffering heart attacks and wants more red meat but really wants a nurse to regulate its diet and make sure it doesn't die. When red meat gets potentially back on the menu, it becomes obvious that you're going to die and it causes depression. There might be hope under a Democratic administration. Under a Republican administration lead by lobbyists and self-admitted economic novices it's pretty much game over.
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