Free Market Philosophy Cause Of Current Crisis

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Editor:

Voters should note that the current housing and financial institution crisis is the direct result of the so-called “free market” philosophy and deregulation mania of the Republicans starting with Ronald Reagan and continuing through the two Bush administrations.

Recall how the earlier savings and loan collapse was the result of Republican deregulation and lack of oversight, with John McCain as one of the infamous Keating Five at the forefront of the deregulation frenzy. Republicans and John McCain did not learn much from that one and continued the deregulation and lack of oversight that has led to the current collapse of the mortgage and banking markets.

Now, John McCain is calling for new regulations and oversight as if he were not part of the problem.

Do we really want to elect John McCain and let the “fox guard the hen house?”

Robert Hershberger

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