Ask an Economist: Breaking Down the Financial Crisis - Page 3 of 3
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Ask an Economist: Breaking Down the Financial Crisis

crisis? Whose economic plan is more viable in helping the economy get back on track? Whose plan is more lip service?

 

I am a member of the economic advisory team for Sen. Obama. He understands the importance of regulation of financial sectors, and has called for more regulation and transparency in our government approach to private sector. Sen. McCain does not support more regulation. Obama has indicated the kind of regulation that would be helpful in correcting the current problems in the financial market. He wants to create greater transparency in their reporting to the federal government on their activities. He also wants to increase the regulation of investment banks. At the present time only commercial banks are regulated. The McCain-Republican approach is a trickle down approach, and it’s the same approach Republicans have had for the last 40 years.

 

On Tuesday in Florida, McCain said he’d establish “comprehensive regulations” on the financial sector, which runs in opposition to his small government antiregulation stance, why do you think he’s changed his position on the issue?

 

He’s changed his position because he knows he’s vulnerable. One of the reasons we’re in the position now is because of lax regulation on the part of the republican administration. Republicans fight government regulation. The forces behind the Republican party would not allow a republican president to be a strong regulator. I don’t buy Sen. McCain’s death-bed conversion to regulation.


Renita Burns is the editorial assistant for BlackEnterprise.com


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