Don't know much about e-con-o-my

Remember the old "Mac-a-whack" game we used to play around here? I'm bringing it back.

Barack Obama has campaign commercials slamming John McCain for his ill-advised admission that he "doesn't really understand economics." Today, John McCain proved that he wasn't kidding.

Too many firms on Wall Street have been able to count on casual oversight by regulatory agencies in Washington. And there are so many of those regulators that the responsibility for oversight is scattered, unfocussed and ineffective. Among others, we've got the SEC, the CFTC, the FDIC, the SPIC and the OCC. But for all their big and impressive sounding names, the fact is they haven't been doing their job right, or else we wouldn't have these massive problems on Wall Street. At their worse, they've been caught up in Washington turf wars instead of working together to protect investors and the public interests. And we don't need a dozen federal agencies doing the job badly -- we need the best federal agencies to do the job right.

According to John it's all "Wall Street's" fault because those poor government agencies are just too fragmented, too powerless and too overworked to "do their job right."

Sarah, please straighten the poor man out - and be quick about it!

2008 Race Posted by JohnGalt at September 16, 2008 3:16 PM