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Sundries
...a sweatshop of moxie

Friday, September 19, 2008

McCain Got It Right

And barely anyone is talking about it. This is his suggestion in the Iowa Rally, on solving the current Wall Street crisis.

Stocks bounced today on rumors the U.S. government may support establishment of a new version of the Resolution Trust Corporation (RTC) created in the 1980's to deal with the fallout from the Savings and Loan crisis. But, as NBR Washington bureau chief Darren Gersh reports, presidential candidate John McCain was the only one who floated details about an RTC-type plan today.


And what was his opponent's reaction? One-liners.

Today, while Democrats on Capitol Hill were giving up on the economy and abandoning their posts, John McCain rolled out his stabilization plan at a rally in Iowa. It involves a federal resolution trust corp type mechanism similiar to one formed in the 1980's. The Bush Administration announced later in the day that it was considering exactly that type of plan.Within hours of McCain's proposal, the market rallied by over 600 points to finish up 400 at market close. [...]

It's the difference between a serious, well qualified candidate for President and an immature, rable rouser. You should be able to figure out which is which in this campaign. If you can't, you're probably voting for Obama.


More here.

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2 Comments:

  • The crack down on naked short selling has helped too, although enforcement lacks.

    By Blogger chickenlittle, at Fri Sep 19, 11:03:00 am GMT-4  

  • Let me clarify my comment above. I’m not referring to the generic practice of shorting a stock (which is perfectly legal, but temporarily banned for financial securities) but rather to the practice of naked shorting . Naked short selling is illegal in the US for all traded securities, but only just yesterday did the SEC began enforcement. The distinction is enormously important for start-ups and venture capitalists, and those who help them.
    I'm not really off-topic here because I believe McCain is on to this difference, though I can't support with linkage.

    By Blogger chickenlittle, at Fri Sep 19, 12:51:00 pm GMT-4  

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