Friday, September 19, 2008

It Don't Get More Mavericky Than This

Today both candidates did a little speechifyin' about the troubles and vexation on Wall Street. Let me stipulate here that I don't think Presidents really influence the economy that much. Believe me, I wish they did because I could blame the crash on Bush and credit the boom to Clinton. Now and then I'll even argue those points, but caveat emptor: I don't really believe them. I'm just trying to throw you off guard.

So considering how little influence an ELECTED official has, you gotta figure that these speeches this morning are pretty useless. But there is something to be gleaned from them. H/T to Anna Marie Cox at Swampland - Obama this morning:

I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal.
Okay, nothing new there. McCain:

I will lead in the creation of the Mortgage and Financial Institutions trust -- the MFI. The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safe guard the life savings of all Americans by protecting our financial system and capital markets. This trust will work with the private sector and regulators to identify institutions that are weak and fix them before they become insolvent.
See the difference? McCain wants to fix the problem by creating another government bureaucracy, while Obama favors using the ones we already have in place. Interesting. Regardless of how empty the campaign promises are, it suggests that a vote for McCain is a vote for bigger government.

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