The news coverage of the financial crisis is starting to really bother me.
The media is acting as if the cause of the crisis is complex. It's really very simple.
During the Great Depression, FDR and the congress passed regulations that made certain types of financial instruments illegal.
In 2000, McCain's key financial adviser Phil Gramm pushed thru deregulation that made those instruments legal again. Just as they were in the roaring 20's.
And the predictable result of removing those regulations is a modern day crash of the financial markets.
That's it. That's all. It's not complicated at all.
So why is the press making it seem complex? And why aren't Democratic leaders telling the straight story?
Well the reasons are obvious. It was Bill Clinton that signed those key deregulation bills into law. And the GOP, DLC, and blue-dogs all helped get it done.
And nobody wants to see their gravy train come to an end.
So Washington DC has decided to make us pay for their mistakes. A huge bailout of their friends on Wall Street.
Will Democrats be willing to call for restoring FDR's critical regulations on the financial markets? Or will we simply make the transfer of money from taxpayers to the rich a permanent part of our countries financial plan?
Hard to say. So far, it's not looking good.