I find it incredibly tedious how these political rags are trying to reduce the current crisis to the same old boring McCain v. Obama nonsense, as if it it would make any different at all if one of them rather than Bush were in charge. Both candidates are on record in favor this destructive attempt at stabilization.
Nonetheless, it is good to see the following sentence in this National Review editorial: “Along with these bad loans, the underlying problem is that there was a bubble in the price of housing — a bubble caused in no small part by politics, in the form of an easy-money/easy-credit policy from the Fed.”
If even NR gets it, perhaps we are on the way to making this cause of the crisis conventional wisdom.
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Unfortunately, they can still fall back on the argument that interest rates were merely “mismanaged.”
But they are moving in the right direction nonetheless.
National Review is also scolding McCain for looking to Andrew Cuomo as next SEC chief, and linked to this informative Village Voice article, http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac Maybe there is hope after all for the rag.
I’d suggest it demonstrates just how worthless the NR is to the cause of free-market capitalism when we’re encouraged to see one sentence of (what should be) common sense in its pages.
Jeffrey, have you been reading NR more since you discovered Google Reader?
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