Promoting electoral reform and sound government.

Monday, September 15, 2008

McCain and Obama Fail to Acknowledge Their Responsibility for the Current Economic Crisis

Both these guys are senators and have been looking the other way as private interests have used and abused the taxpayer. Bloomberg reports both are promising to clean up Wall Street:

The last eight years ``have brought us to the most serious financial crisis since the Great Depression,'' said Obama, the Democratic nominee, in a statement that also called for ``modernizing'' the rules governing financial institutions.

``We will never put America in this position again,'' McCain, the Republican nominee, told supporters in Jacksonville, Florida. He vowed to ``clean up Wall Street'' and ``replace the outdated, patchwork quilt of regulatory oversight.''

The reality is that the government allows business to write its legislation and profits flow to private interests while risk goes to the taxpayer. Its the same old story over and over again.

Congress does not pursue the interests; it pursues the interests of whoever is giving them campaign contributions.

We simply must reform our electoral system so that all the voters have their interests represented. If we don't take action, expect more of the same stupidity.

2 comments:

David said...

I think it is only partly true that "the government allows business to write its legislation..." Some businesses push for legislation that hurts only other businesses (or hurts other businesses disproportionately). I'm sure that there are many burdens and constraints on businesses that most or all companies would gladly shuck if it were solely up to them. The effects of collectivist and socialist ideology and the agitation of activists who believe in these ideas, or at least exploit them, ought not be discounted.

Al Brown said...

Sorry, I didn't mean to imply that all businesses sit down and come up one set of legislation that all agree on and then send this to government to implement.

I meant instead that individual businesses and sometimes groups of them contribute money to politicians to get them to act on their behalf.