John McCain calls for creation of commission to study Wall Street crisis
Posted on September 16th, 2008 by bile Tags: Austrian School of Economics, Barack Obama, Fannie Mae, FDIC, Freddie Mac, Hans-Hermann Hoppe, John McCain, Joseph Salerno, Lehman Brothers, Merrill Lynch, regulation, Robert Murphy, Ron Paul, United States, Wall Street, Walter Blockhttp://thecaucus.blogs.nytimes.com/…
Senator John McCain, who was criticized by Democrats Monday for saying that the fundamentals of the economy were strong on a day that the bankruptcy of Lehman Brothers and the sale of Merrill Lynch sent stocks plunging, went out of his way Tuesday to make it clear that he understood that Wall Street was in “crisis.’’
At a rally here, Mr. McCain vowed to take aim at what he called the “unbridled corruption and greed that caused the crisis on Wall Street.’’
Mr. McCain – who has said for moths that he believes that the fundamentals of the economy are strong – has used the word “crisis” a lot on the last day to describe the financial situation. He did so in a series of television interviews Tuesday morning, where he called for the creation of a commission to study the problem, along the lines of the commission that investigated the Sept. 11 attacks.
“We need a 9/11 commission, and we need a commission to figure out what went wrong and how to fix it,’’ he said. “And I know we can do it and how to do it.”
OH OH!!! May I recommend some individuals to head up the commission? Ron Paul, Lew Rockwell, Hans-Hermann Hoppe, Robert Murphy, Joseph Salerno, Walter Block… just about anyone from the Austrian School.
“They have broken the social contract between capitalism and the worker.” It’s entertaining that this “conservative” is railing against the so called free market. Of course he’s no fiscal conservative and the US, as is much of the world, has a corporatist system. A system with a centrally controlled money supply which creates these monster corporations. He is either an idiot or a lier. Neither quality should be desired in an executive. The same can be of Obama.
3 Responses to “John McCain calls for creation of commission to study Wall Street crisis”
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September 16th, 2008 at 2:39 pm
The economic game, as they rigged it, is coming to an end.* Now the rules need to be compromised deeper and deeper in order to keep it going for another day. Sure, there will be admission that the rules were incorrect, that there were too few, too many, etc. However the basic premise that the government can effectively manage the economy will never be doubted. Another example of our leaders’ awesome hubris.
* Perhaps this result was unavoidable, but I believe if we at least played by the rules, we could have staved this off longer. The corruption of our leaders and their regulatory negligence only accelerated the fall. So maybe that is the lesson to take away here: Given the chance, the system will be gamed by those who make the rules until it inevitably unwinds in everyone’s faces.
September 16th, 2008 at 4:53 pm
I wonder if he made the call on his blackberry?
September 17th, 2008 at 12:16 pm
Reid Says Congress Won’t Act Because `No One Knows What to Do’
*DING* *DING* *DING* Did anyone stay at a Holiday Inn last night? No? Then perhaps leaving well enough alone is the best course of action, Sen. Reid. Your laws are apparently worthless since nobody pays attention to them anyway.