It doesn’t sound like it. Then again, does anyone?
It’s hard to see how higher taxes on the wealthy, as Obama is calling for, will produce jobs, stabilize the housing industry, or shore up the stock market. (Is it that higher taxes will give the government more money to do things? Is that the rationale?) McCain, like Obama, is calling for new regulations for investment banks. That might prevent future problems, but it isn’t clear what that will do for the ones we have today. Both candidates support the Fannie Mae takeover but are against bailing out Lehman Brothers and the other big financial companies in trouble. Actually, both sound pretty much alike in their prescriptions, except on taxes, but taxes don’t seem to be the issue one way or the other in the current finance crisis, which was precipitated by the collapse in the home mortgage industry.
Aren’t these economic woes like a hurricane that just has to run its course, whereupon we then just have to clean up, help the survivors, and rebuild?
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