I haven’t really seen this highlighted yet, but it’s been a busy week for me where I haven’t had time to read other political blogs. In a lot of right wing analysis of the current financial meltdown, they seem to be trying to shift the blame to “1930s era regulation” or “depression era regulation”. I’ve seen several McCain surrogates, including Sarah Palin use this formulation this week. It’s impressive, at times, how focused the GOP is on its long term missions. One of those is to completely discredit anything from the New Deal era. That gets easier as fewer and fewer people who were alive during that era are around now to give first hand dispute to that shit. The Republican Party is currently laying the groundwork, rhetorically, to blame this crisis on regulation and set the stage for more deregulation as soon as it is politically palatable. They, of course, have it exactly wrong. It has been the repeal of New Deal era regulation that has led to this. It has been an intentional failure to extend the existing New Deal era regulation to the new financial services that have grown up in my lifetime that has led to this crisis.

New Deal era regulation would have prevented this stuff if it had been left in place.

This entry was posted on Thursday, September 18th, 2008 at 4:59 pm and is filed under bank failure related, Big "P" Politics, economics, McCain Watch. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.