John McCain once again demonstrates his profound lack of understanding regarding economics, and his profound willingness to talk about the economy anyway. In an article in Bloomberg, he blames our current economic recession on 'Wall Street,' yet ignores the fraudulent system that allows organizations like Fannie Mae and Freddie Mac to privatize profits and socialize losses. The consolation to the taxpayer is supposed to be his assertion that the government "...should eliminate the pay and bonuses that these people (the CEOs) rake in.'' So, not only do we have to prop up organizations that have thrived on government interference in the economy, but we get a new level of interference in the form of Congress eliminating pay and bonuses for CEOs?

Guess what John, the best way to eliminate pay and bonuses for CEOs of failing companies is to let the companies fail! Of course, that would probably be too much to expect from the guy who said this:

"I do know that this nation has faced some pretty good blows in the last month or so with the credit crunch and the subprime lending. I’m glad whenever they cut interest rates. I wish interest rates were zero. But we leave those responsibilities to the smartest people we can find, and I think that so far he’s done a good job.."

Comments (0)

Subscribe to this comment's feed