Economic Crisis Solution: Give Bush More Power
Since Treasury Secretary Henry Paulson unveiled the administration’s plan for overhauling regulation of the financial markets on Monday, there’s been plenty of reaction.
Here’s my favorite so far, from Phillip Carter at Slate:
So, let me make sure I have this right. The administration embraced deregulation and free market theory as if it were handed down from Mt. Sinai. It then sat idly by while the sub-prime mortgage market imploded, and watched as that market’s failure trickled up into other sectors of the economy. All the while, this administration spent taxpayer money like a drunken sailor (to use Sen. John McCain’s memorable phrase), running up the federal debt and mortgaging our grandchildren’s future. And the administration pursued wars in Iraq and Afghanistan likely to cost the country $3 trillion. And now, they want the people trust the Bush administration by giving it more power over the American economy?