Day By Day

Saturday, September 27, 2008

Mankiew Corrects Obama

The talking heads are in agreement that Obama won the economics section of last night's debate, but as Greg Mankiew points out, he did so by seriously distorting the facts.

Basically, Obama tried to lay the blame exclusively on George Bush and Republican demands for deregulation, but this is not the way things went. Mankiew points out that the problems go back as far as the Johnson administration, that the primary pressure to ignore sensible business practices came from the Clinton administration and prominent Congressional Democrats, and that there is plenty of blame to spread around.

Read it here.

Basically what we have here is a failure of government oversight and an abuse of political power, primarily on the part of Democrats, and now they have the gall to demand more regulation and oversight.