As an update to the previous post, Senator McCain is now supporting oversight to go along with the Wall Street bailout. He is saying that "trust me" from the bankers isn't good enough. Of course not, and I am pleased to see him take this stand, even if he is saying it for political reasons. However, he is only looking at the short term.
Senator Obama is proposing not only oversight, but reforms to insure this doesn't happen again. These include bans on people coming from an industry being able to be in charge of regulating that industry; bans on anyone who leaves his administration from ever lobbying the administration; creating more transparent government by allowing people to read bills and comment on them via the Internet prior to his signature; and to reform the entire government contract process. This is a leader with ideas. This is a refreshing change . . . a change we need now.
And yet, the DJIA dropped over 370 points today, and oil has its highest ever one-day price increase.