McCain Rushing Back to D.C. to Help with Economic Crisis???

(You can stop watching the first video at about 1:35 min., when it moves on to the subject of McCain's competency w.r.t. Iraq):



I'm so glad McCain's "suspended" his campaign and is trying to back out of the first debate so he can help cope with the crisis! Phil Gramm was key in pushing through the deregulation that led to the current financial meltdown. If my life savings weren't at stake, McCain & Co. would be hilarious.

Here's Barbara Boxer on his years of "experience" in dealing with our financial system (she gets to that subject after about the first minute in):



The Wall Street Journal reports, "Sen. Chris Dodd, the top Democrat on the Senate Banking Committee, said Thursday that [the] bipartisan meeting with President Bush at the White House on the mortgage rescue plan was nothing short of a disaster. . . . 'I am not going to sign on to something I just saw this afternoon,' Dodd said . . . . [t]he whole meeting 'looked like a rescue plan for John McCain . . . .'"

Bloomberg reports, "Hundreds of Economists Urge Congress Not to Rush on Rescue Plan."

Here's my solution. We don't have to enact any new legislation that no one's had a chance to review. We simply repeal the repeal of the Glass-Steagall Act, the law enacted after the crash of 1929 that was carefully designed to protect against exactly this kind of meltdown and that worked just fine until the Republicons repealed it, and make it apply to all kinds of depositaries without exception.

P.S.: If you were somewhat surprised by the revelation that the Bush Admin had a financial "Patriot Act" all ready just sitting on the shelf waiting for an opportune meltdown, see this and this.