Economic Exposition
Sep 24th, 2008 by nick
I find economics confusing in the best of times, so the current situation in the United States is bewildering at best. However, I’ve found two articles that explain fairly clearly how the deregulation favored by John McCain and Phil Gramm has led directly to the mess in which we find ourselves. If you’re confused by all the talk of things like the Commodity Futures Modernization Act, “credit default swaps,” and so on, these articles should help. Start with David Corn’s short expose in Mother Jones magazine, then for more detail move on to Mark Sumner’s longer piece in The Nation. Then tell me how anyone could trust McCain to fix the economy.