02 October 2008

Is it Really Corruption on Wall Street

...when Wall Street is operating within the law? I haven't heard one expert accuse Wall Street professionals, as Sarah Palin did in the debate, of criminal activity. There was nothing illegal about anything they were doing. The only thing criminal here was that these businesses were given free reign without regulation or oversight that would have tempered the poor investment decisions and excessive risk that were packaged in these mortgage-backed derivative instruments.

But for Palin to call the pursuit of capital and profit in legal (if not poorly understood and ill-advised) investment instruments "corrupt" is ridiculous when it is the Republican/conservative approach to economics to get government out of the regulation/oversight business.

This economy is the most important issue in this election right now. It is the reason that no Republican deserves the vote they are asking you to give.

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