Oops, I did it again

September 19th, 2008

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John McCain is proving himself right that the economy is not really his thing. This morning in Wisconsin, he appealed to the LaFollette crowd and announced that the fed should get out of the “bail out business” and get back to monitoring the money supply. Hoover couldn’t have said it better. The consensus among those who say “the economy is my thing” is that the fed is the only thing keeping us from the bread line.

John McCain has many admirable qualities. He is, in my view, a true American hero. He has guts, too – and I mean political guts. He is the only Republican who would even consider Sarah Palin for VP, let alone choose her. But he is also reckless. His comments on the fed – well, let’s face it, if he said this as President the worldwide economy would crumble. At least Bush has had the sense to remain in hiding during the financial crisis.

This economic crisis is not the result of John McCain or anything he has said or done. He is, as he admits, an amateur on this stuff. But a little knowledge can be a dangerous thing, especially when it is tethered to an economic theology that is about to join Zoroastrianism on the ash heap of cosmic truths. It is an economic philosophy that believes in the infallibility of markets and believes government intervention in all cases is wrong. That’s what John McCain said when he told the fed to fiddle while Wall Street and Main Street burns.

John McCain was a hero in his time. But that time has passed.