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McCain Tough: New Finger Pointing and Enforcement

September 19, 2008

John McCain and the Republican administration have been quick to jump on what is to many American a new financial crisis. Politicians, like Americans, have focused on the treadmill of their own lives, becoming alarmed at the sudden onslaught of the crisis. John McCain has rose to the challenge to take the pressure off of George Bush and put that pressure on Barack Obama and the Democratic Party. Like Obama, he is proposing unity and now wants bipartisan and citizen cooperation.

John McCain is proposing a new agency to do the job of regulation. What will be done with the agencies that aren’t functioning well? No mention is made of efficiency or burgeoning bureaucracy. Perhaps McCain will recommend the Federal Reserve for the job in a George Bush fashion. Not according to McCain. He will establish a Mortgage and Financial Institutions Trust. This institution would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke. As segmented as the system is that is currently in place is, this will prove to be a challenge. We need motivated effective leadership with any agency. Government has shown to be poor at providing such leadership. Perhaps the nation needs to hire a Mulitnational such as Deloitte to oversee such operations, like Deloitte does with federal tax oversight and many State accounting systems.

The consummate politician that he is, John McCain promises a new term of enlightened leadership to the American public. Can a well-established old crone like McCain, a well-established part of the system provide a real solution? The Republicans and Congress have waited for at least four years to get concerned about the foundations of the banking and financial crisis. According to Democrats, Republicans have given them the “one-finger salute” when they worked to solve the regulation crisis. The process is now in high gear. As Representative Barney Frank, Financial Services Committee Chairman says: “We hope it will work.” What are your thoughts? ~ E. Manning

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