As this post from the Carpetbagger Report makes abundantly clear, it's not just that McCain doesn't understand economics--he doesn't even know what his own positions are on key economic policy issues like Social Security and taxation. What worries me is that, given the level of contempt by political journalists for policy discussion, McCain's utter ignorance might not be a problem for him. This New Yorker article shows that McCain is so chummy with the press on-board his bus that he rarely is even asked about his incoherent policy statements. Those hard-hitting journalists at CNN did, however, manage to get him to let his guard down long enough to reveal his barbecued ribs recipe.
CalPERS, CalSTRS, Other Investors Have Indemnified Private Equity Criminal Conduct Even Though Fiduciary Counsels Say No - CalPERS board member JJ Jelincic confirms yet another major lapse by private equity investors.