Tuesday, September 16, 2008

McCain wants a commission for the market collapse

McCain has said that he would create a commission to investigate how and why our stock market had such a huge collapse these past few weeks/months. I say, bring it on, let's have a commission. Maybe we can finally discuss industry deregulation. It's always been a game for Wall Street to invent ways to make money before the SEC comes in and says something. It just so happens that we let them go so willy nilly this time, that they dug themselves a very large hole and won't climb out of it in one piece. That's just what happens when you let greedy ambition run wild. Commission? Sure, maybe McCain will discover the role his own advisers like Phil Gramm played in this whole mess.

I hope Americans all realize who is going to pay for all of this, it's a double-edged sword. For everyone whose 401k/IRA accounts got shafted, that was the first blow. The second comes when people begin to realize that it is the American tax payer who will be shouldering the burden, the burden of bailing out AIG, Bear Stearns, Fannie and Freddie... This is money that we could have been doing other things with. Things like healthcare, education, etc. It's funny in the back of my mind I keep hearing George W. Bush's words, that we shouldn't increase taxes on the wealthy, because the wealthy have accountants to get them out of paying for taxes. Whose that leave? That's right, it leaves you and I, the middle class. Thanks guys.

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