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Obama blames financial crisis on Republican economic policy September 16, 2008

Posted by trouble97018 in Economy, News, Obama, Politics, Repiglicans.
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The Independent

By Rupert Cornwell in Washington
Tuesday, 16 September 2008

Barack Obama has expanded his call for stricter control of the US financial sector into an across-the-board attack on the laissez-faire economics championed by Ronald Reagan, pursued by President George Bush for the past eight years, and embraced by the Republican candidate for the White House, John McCain.

The Democratic presidential candidate said he was not blaming Mr McCain in person for “the most serious financial crisis since the Great Depression” , but “the economic philosophy he subscribes to,” based on tax cuts for the wealthy and the habit of “ignoring economic problems until they spiralled into crises”.

During the Bush years, that philosophy insisted that “even commonsense regulations are unneccessary and unwise”, with the result that the administration had sat on its hands as problems turned into crises – the latest being the convulsions on Wall Street.   Source Article

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