McCain and Obama Economic Advisers Debate

Held at the UW at Madison. I watched until my connection broke up (notes after the jump):

Brannon cites the “campaign suspension” as a strong move.

Goolsbee says it is clear we have lost trust in financial institutions. Obama way out front on this crisis. Obama was for the stimulus. Imagine if we had privatized SS?

Brannon, don’t cut another check. Home resurgence plan, buying up mortgages - give out new mortgages. Blames crisis on decline in home prices. We do need new regulation, denies that McCain is a deregulator or wanted to privatize SS.

Goolsbee, McCain said it himself.

Brannon, what caused crisis? FNMA FHLMC. McCain sounded alarm on them while Obama earned money consulting for them.

Mod, Are problems result of govt meddling or instability in private markets?

Brannon, patchwork quilt of regulations, too much here, none there. Must overhaul regulations in transparent, bipartisan manner. Glass-Steagall too old, dated from Great Depression.

Goolsbee, Blaming Fannie and Freddie is like blaming the kicker for a losing season. FNMA FHLMC only 10% of mortgages, not involved with subprime. Lack of oversight replaced admittedly old Glass-Steagall.

Mod, causes of, fixes for US income inequality?

Goolsbee, no one knows cause, Obama better education in long run, tax relief in short run.

Brannon, technical nature of our society, good industrial jobs require technical training. Blue collar jobs have become white collar.

Goolsbee, McCain opposes GI Bill.

Brannon, two versions of GI Bill, McCain supports one. Building Harleys are a growth market.