That's me. I am one of those despicable "let it collapse" people hoping for the "glorious revolution" - after all, I questioned a massive handout of public money to the very Wall Street folks who caused this mess - did the guy running this farce for the administration really make multi-millions from Goldman Sachs recently?
The Wall Street Journal has moved to the Left of many people here. Strange times indeed.
It's Judgment Day for McCain Last week, Republican presidential candidate John McCain called for a commission to "find out what went wrong" on Wall Street. It was an excellent suggestion: Public inquiries into Wall Street practices served the country well in the 1930s.
And Mr. McCain has a special advantage to bring to any such investigation -- many of the relevant witnesses are friends or colleagues of his. In fact, he can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus. So the candidate should take a deep breath, remind himself that the country comes first, pull the Straight Talk Express over at a rest stop, whistle up his media pals, and begin.
"He can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus."ROFL.
Topic A should be deregulation. Financial institutions are dropping everywhere after playing with poorly regulated financial instruments; the last investment banks standing are begging the government for stricter oversight; and some of our nation's leading champions of laissez faire have ditched that theory in an extraordinary attempt to rescue the collapsing industry. The philosophy of government that has dominated Washington for almost three decades is now in ruins, and it is up to Mr. McCain to find out exactly why we believed it in the first place. Why did government stand back and permit all the misconduct that generated all this bad debt? What particular ideas led us to believe that government should just keep its hands off and let markets run their course?
What particular ideas led us to believe that government should just keep its hands off and let markets run their course? Well, there were the ideas expressed in Wall Street Journal editorials for years and years ... do those count?
But maybe it would be best simply to agree that financial regulation really is in the country's interest. As Mr. McCain's hero Theodore Roosevelt said 98 years ago, "every man holds his property subject to the general right of the community to regulate its use to whatever degree the public welfare may require it."
Even the WSJ is calling for regulation. Yet many Democrats and liberals are still advocating free markets, and are frantically red-baiting and bashing the Left.
Strange times.
"Every man holds his property subject to the general right of the community to regulate its use to whatever degree the public welfare may require it."In the WSJ.
Wonder when that idea might get to Democrats? Wonder when it might be safe to express things like that without being accused of "advocating violent revolution" or of being an "extremist" or an "unrealistic ideologue" hoping for the "glorious revolution" by Democrats?