Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.Here's the summary of Obama's speech last March:
"This country can't afford another four years of this failed philosophy."
"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression."
Obama pledged to restore confidence in the markets, tackle the housing crisis and protect families from the economic slowdown by:In extreme contrast, the three action points from McCain's speech last March:
* Creating 21st century standards for transparency and oversight of the financial system in order to prevent future abuses and crises.
* Providing immediate relief to homeowners hit by the housing crisis.
* Enacting a second stimulus package to stabilize and strengthen the economy, provide aid to homeowners and states hardest-hit by the housing crisis, and extend and expand unemployment insurance.
Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory ... impediments to raising capital.To review, McCain think the problem is that we have too much regulation, so his response to call for ... a meeting of accountants and another of mortgage lenders. Did McCain adviser Donald Luskin write this speech? As I noted in my post at the time of the speech, among everyone except the most deranged right-wingers, it's clear that the crisis illustrates the need for better regulation of the financial system.
First, it is time to convene a meeting of the nation's accounting professionals to discuss the current mark to market accounting systems.
We should also convene a meeting of the nation's top mortgage lenders.