Strange, almost eerie: a pundit is found actually pondering the possible policies of the presidential pretenders. Paul Prugman, er, Krugman, compares the candidates’ ideas on the mortgage crisis:
Krugman, an economist, spent much of 2000 hammering at the fiscal irresponsibility of George Bush; people really didn’t want to hear it, but in fact Bush is fiscally irresponsible. So I’d take it as a serious concern that McCain sees the mortgage crisis– which was largely the result of an unregulated shadow banking system making irresponsible loans– and thinks the answer is deregulation. If we’re going to spend billions of dollars of taxpayer money to keep the system from collapsing– and McCain is in favor of “preventing systemic risk”, i.e. helping big business though not mortgage holders– then we need to look more closely at these guys, not less.
Daniel Gross at http://www.slate.com/id/2187570/pagenum/2/ points out that McCain also wants $400 billion in new tax cuts, roughly the level of the current deficit.
McCain seems to be a pretty nice guy; but his positions are pretty much Bush again. And Bush’s incompetence is only half the problem.