If McCain were taking a college Economics course, he'd get an F. He had a problem with Economics in the 1980s-1990s as a member of the Keating Five and was admonished for exceedingly poor judgement. This is the second financial crisis that has happened on "his watch" and he was instrumental in both disasters by being a major player in abolishing as many financial regulations as he could. Plus, it's apparent from his current comments, flips, and flops that he hasn't learned much since that fiasco. His son Andrew, who is tied to the Silver State Bank failure, must subscribe to the same economic philosophies as his father.
Let's see, from remarks like, "the fundamentals of our economy are strong," "I do not believe that the American taxpayer should be on the hook for AIG," and the government was "forced" to rescue AIG because of "failed regulation, reckless management and a casino culture on Wall Street." Those aren't ancient quotes, they're very recent quotes, and, I'm not making any of them up ... see for yourself, watch this:
If that doesn't make you scratch your head in disbelief about his abilities to lead us through this financial crisis, here's something that really ought to grab everyone's attention: McCain supports George W. Bush's idea of channeling at least some Social Security funds into "personal accounts" that individuals could invest on Wall Street. If Bush had been successful in implementing such a plan, some of those monies in "personal accounts' would have been entrusted to firms such as Bear Stearns (failed), Lehman Brothers (failed) and Merrill Lynch (sold at a fire sale). Imagine what this crisis would be like if Americans' Social Security benefits were evaporating along with their housing values and their 401(k) accounts, as they watch the job they used to have shipped overseas. [WP]
Wake up America ... is this really the man you want to be our next President?