Tuesday, September 16, 2008

Save the Commission Money, McCain

Presidential hopeful John McCain suggested forming a 9-11 style commission for the Wall Street economic meltdown. What? Didn't Congress fulfill its oversight role the last eight years? Why kick the can down the road with a study? Here's my analysis:

Three levels of “leadership” had to fail with Bear, Lehman, Freddie and Fannie. First, management had to take high risk strategies. Second, the board of directors had to approve them. And third, regulators had to stay hand’s off while the shenanigans occurred.

The current debacle is a testimony to greed. Republicans paved the road. Democrats sat sleeping in their police cars as big Wall Street investment houses sped by in pursuit of gargantuan profits. Now we have tax payer rescues, finger pointing and a commission? Please.

Another assessment came in this morning's Jerusalem Post:

“An irresponsible policy, stemming from companies that leveraged themselves in a crazy manner, abandoning all basic rules of economic conservatism” was responsible for the collapse of American investment banks'---Teva Chairman Eli Horovitz told Army Radio.

Assessment done, what are your solutions Mr. McCain? The McCon-Pullin' ticket: "We guarantee Greed & Corruption".

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