Robert Scheer: She’s Clueless, He’s Worse

[babylonsister]

http://www.commondreams.org/view/2008/09/10-1

She’s Clueless, He’s Worse

by Robert Scheer


Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation's mortgage market. But what is Sen. John McCain's excuse? Both act as if the financial meltdown of the U.S. economy has nothing to do with the policies of the political party they represent -- but she at least may not know any better.

Distracted momentarily from her campaign revelries of maverick opposition to the "bridge to nowhere," which she had supported until it became a public relations debacle, and congressional earmarks for which she, as a small-town mayor, had hustled piggishly at the federal trough, Palin made the mistake of dealing with an unscripted subject.

snip//

While neophyte Palin can claim ignorance of such matters, that would be particularly difficult for McCain, who as a senator consistently lined up with Gramm in his deregulation crusade. Clearly McCain had not learned much from his previous involvement with the savings-and-loan debacle about the risks to consumers in unregulated banking.

McCain served as chair of Gramm's abortive 1996 presidential campaign, and Gramm returned the favor, providing critical support for McCain with the hard-line Republican base, including the editorial board of The Wall Street Journal. It was assumed in the business press that Gramm was the front-runner to be Treasury secretary in a McCain administration. Gramm left his role as the top economic person near McCain only after he made an embarrassing statement blaming the current economic downturn on "whiners," an awkward reference to the victims of his disastrous legislation.

Amazingly, the turmoil in the housing market, which has led to the socializing of the nation's revered homeownership market in a massive expansion of the role of big government, has apparently not troubled McCain's conservative supporters. As I said, ignorance is bliss, and evidently not just for the newbie Palin.

[kurth_]

1. Don't ask communications majors about economics or physics

Communications majors make good corporate PR parrots, though.

[patrice]

2. "socializing of the nation's revered homeownership market"on CHINESE credit.

[Window]

3. Bookmarked for later. Thanks.

[Window]

4. Bookmarked for later. Thanks.