Posted by
Always To The Right on Monday, September 15, 2008 3:24:06 PM
Barack Obama blamed the crisis on the management of the Bush
administration, and it did occur on their watch, but the blame can get
spread out to Congress as well. The cheap credit and lack of oversight
occurred on the watch of both parties, with Senate Banking Committee
chair Chris Dodd (D-CT) taking sweetheart loan deals from one of the
major players in the collapse, as well as a few of his Democratic
colleagues. It looks as if the lobbyists and big players co-opted all
of the oversight mechanisms in Washington, and enough blame exists to
share between Democrats and Republicans.
McCain gets off to a good start, focusing his efforts on the lack of
oversight enabled by the lobbying efforts from the financial sector.
He continues to exude optimism and promises a robust effort to force
players to stick to the rules. We need to hear more specifics, but
what we don’t need are plans to take capital out of the system at a
time when we need to reward honest risk-taking.