Thursday, September 25, 2008

McCain's Chicken Comes Home to Roost

The deregulation of the financial industry is the primary cause of the latest Wall Street crash, an economic debacle that has befallen not only our nation, but European and Asian markets as well.

John McCain bears grave responsibility for the financial anarchy of our times. For twenty-seven years, through debt-producing Reagonomics - especially deregulation - he promoted corporate permissiveness, a culture that included risky speculation, debt-financed mergers, leveraged buy-outs, export of American jobs, quick profit-taking, and the inevitable cry from Wall Street for public bailouts when the casino goes broke.

From the beginning of his political career as an orthodox Republican, McCain has denigrated the wise teachings of Franklin Delano Roosevelt: that unregulated free markets are inherently rapacious and unstable, that war ultimately means higher taxes, and that excessive unpaid debt becomes a balloon so inflated it eventually explodes.

The unfettered free market - the economic Frankenstein that stalks our land today - was conceived in the test tube of Reaganomics in the early ‘80s. John McCain helped to destroy one of the greatest economic achievements in American history, the savings and loan system established during the New Deal. Paul Rockwell recounts McCain's direct involvement in the breakdown of the American economy in today's Black Commentator.