Meanwhile, Obama keeps talking about how he will deal with the economy while McCain attacks Obama for being ahead in the polls.The economy will get worse. The housing glut endures. Cautious consumers have curbed spending. Banks and other financial institutions will suffer more losses. But these are all normal symptoms of recession. Our real vulnerability is a highly complex and global financial system that might resist rescue and revival. The Great Depression resulted from the mix of a weak economy and perverse government policies. If we can avoid a comparable blunder, the great drama of these recent weeks may prove blessedly misleading.
I have one problem with Blaming Deregulation. Taht is it only talks about one half of the deregulation issue - whether there are regulations in place or not. Enforcing regulations is the other half of the problem. I do not think the Bush Administration put much effort into enforcing the regulations.
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