Wall Street meltdown attributed to hands-OFF REGULATORY philosophy
The ongoing meltdown on Wall Street – brought to you by the anything-goes "regulatory" philosophy shared by George W. Bush and John McCain – has become a nightmare on Seven Farms Drive, Daniel Island.
Their hands-off-the-wheel approach to Wall Street oversight has been Republican economic doctrine for more than a quarter century.
John McCain captured the essence of the idea when he told the Economic Club of New York about two years back,"An effective government must evolve with the economy and …keep the new economy free of bureaucratic interference, restrictive red tape and unnecessary regulations."
That would have been the time for Senator McCain to confess his ignorance about the economy and ask about the crazy investment schemes that the darkly creative minds of an unsupervised Wall Street had dreamed up. Because virtually nobody to this day, including former Senate Commerce Committee chairman McCain, understands Wall Street’s hybrid financial "instruments" that continue to wreak havoc on nest eggs, housing values, local schools, and our state and local governments’ ability to meet their obligations.
McCain-Bush-Palin "trickle-down" economics is failed economic ideology that let the big banks and brokerage houses do pretty much anything they wanted, without a thought for the reality that they were playing high-stakes gambling with the retirement money of working Americans, a large majority of whom are "in the market" with their 401k’s and pensions, and many of whom are now financially in real trouble.
The money of middle class Americans that Wall Street used to inflate a bubble of unrestrained excess was not Monopoly money to be played with. It was our wages and salaries that trickled up into an unregulated economic balloon drop that has been going on for a couple years and shows no signs of stopping.
McCain also wants all Americans —rich and poor – to start paying income taxes on employer health care contributions. Whoa.
Barack Obama has detailed a tax plan that would restore some fairness to our American economic system. It would put money in the pockets of the many, and, yes, the rich would have to go back to paying what they did under President Reagan – not exactly painful.
The Obama proposal would benefit millions of South Carolinians – with a $500 per worker, or $1,000 per working family – tax credit. On top of that Obama’s plan would give a $1,000 rebate check to every family to offset the huge increase in energy costs brought to us by the two former oilmen now working in the White House. I think the people of Charleston will put that money to better use than the McCain-Bush billionaires club.
Do the math for yourself: Enough is enough. America needs a change of direction.
Susan M. Gaddy
President, Daniel Island Precinct for the Berkeley County Democratic Party
DI Community Fund sponsors B.E. Scholarships
For each of the past five years, the Daniel Island Community Fund has sponsored one or more four- year, all-expenses-paid, academic scholarships to Bishop England High School.
Any current eighth-grade student who lives within the Berkeley County School District’s "Attendance Zone" for either the Cainhoy Elementary-Middle School or the Daniel Island Elementary-Middle School is eligible to apply.
On Thursday evening, Oct. 23, an information session for interested parents of eligible eighth-grade students will be held at the Daniel Island Public Library from 7-8:30 p.m. This informal exchange will feature Community Fund Scholars Maddy Orick ’11 and Davis Reed ’12, who will share highlights of their BEHS experiences thus far. We will also have an opportunity to hear the perspectives of Davis and Maddy’s Moms, Debi Reed and Susan Orick. I will share a brief history of the program as well as specific criteria that are evaluated and the timetable for this coming year’s selection process. We will conclude with questions from our guests.
We look forward to a very worthwhile evening and welcome your participation.
Daniel Island Community Fund