Thursday, September 18, 2008

David Weidner says neither Obama or McCain "get it"

I'm not a financial expert, nor did I stay at a Holiday Inn last night, but many people believe that David Weider knows just a thing or two about the financial aspect of the economy. I found his article, Does McCain or Obama get it? to be an interesting one that I recommend reading. Some of the points made:
Obama, after a weak stump attack against "predatory lenders" early in the campaign, has, in the last few weeks, spelled out more than McCain has. He's talked about strengthening capital requirements on mortgage securities and derivatives, rigorously managing liquidity risk, and investigating ratings agencies and their potential conflicts of interest with companies they rate.

There's not much to criticize there, and that's the problem. Obama is echoing what people in the current administration -- people like Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke -- have been saying. There's nothing new. Obama's "plan" is a bunch of warmed-over ideas.

The bad news is that, as weak as Obama's plan is, it's better than McCain's. Aside from his idea to create a 9/11-style commission to find out what went wrong and propose changes, McCain wants a safety-and-soundness regulator for every financial institution.

There are also quite a few suggestions as well as additional links for those of you interested in discussing real issues as opposed to campaign fluff.

1 comment:

Anonymous said...

What do individual finances have to do with the economy as a whole? I'm not certain how a finance person can truly understand the economy, when that person's job is to sell stocks and mutual funds, particularly when the market is down. No conflict of interest there.