At approximately 5 minutes in on the video below, Rachel Maddow cuts through Pat Buchanan's typical change-the-subject-when-you're-shown-to-be-intellectually-dishonest routine and says this about conservatism and the mortgage meltdown.....
"This is not a Democrat-Republican problem (financial meltdown) necessarily...it's a conservative problem...it is a tenet of conservatism that regulation is bad...markets ought to be left alone....conservatives' basic philosophy of deregulation is at the root of the current problem."
Maddow has it entirely right.
Remember the Gipper? Remember how that goofy smile of Reagan's would always appear on his face when he was telling us that gub'mint was the problem? Remember how ole' Ronnie joked about, "I'm from the gub'mint, and I'm here to help you?" Remember all that? Good times, huh?
Reagan's deregulation philosophy....Reagan's "no oversight of business" philosophy....Reagan's unfettered free market philosophy....Reagan's philosophy that government is the PROBLEM......in light of the current and historic blow-up on Wall Street....can now officially be pronounced dead.
Greed may work.....but unchecked greed destroys everything with which it comes in contact.
The so-called Reagan Revolution, in which John McCain considers himself a proud footsoldier, has lost the battle for credibility right in front of our 2008 eyes. Never again can lack of oversight and deregulation, as a national economic policy, be taken seriously. Americans were given a nasty taste of this impotent potion back in the late 80's with the $25 billion bailout of the Savings & Loan sharks. John McCain was smack dab in the middle of the sharks back then.....defending them....with his deep ties to Charles Keating, a big shark convicted of fraud charges.
But this time it's not $25 billion......this time it's $700 billion and counting. A figure 30 times bigger than in the 80's with a devastation factor exponentially higher than back then. In both cases, the 80's S & L fraud and the 00's mortgage banking fraud, lack of oversight, lack of regulation, CREATED the problems. The Reagan philosophy CREATED the problems.
That is the lesson to be learned. That is the message Barack Obama should repeat endlessly before November's election. It is the truth....and it's staring us right in the face.
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