Fly
Good deconstruction of McCain’s argument and its flaws.
Unfortunately it’s the old adage if you owe the bank €100 you got a problem but if you owe the bank a €100m they’ve got a problem. Witness the Bear Sterns bail out by the NY Fed.

The US housing issue is down to miss selling – some might describe it as fraud but couldn’t possibly!

Bank sector has abused the trust given to it by the people (through their government). The repeal of the Glass Steagall Act has contributed to the most loosely regulated banking sector in a major modern economy.

An interesting point to note – who signed the act to repealed Glass Steagall? President William Jefferson Clinton.

Posted at March 28, 2008 1:33 PM in response to Expediency, Morality, and the McCain Economy