WALL STREET

That was some week we just had, huh? Understanding the complexities of our financial structure is, like the man said, above my pay grade, but there are a few things that seem fairly obvious:

1. Regulation seeking transparency and responsibility began in 1933, as a reaction to the stock market crash of 1929. Ever since, the wealthiest people in America have been looking for a way to roll back those regulations.

2. The first roll-back came in the early 80’s – it took them 50 years but they got there – when the savings and loan industry was deregulated, which led to the near collapse of that industry and a huge government bailout. Driving those efforts were Phil Graham, John McCain’s current financial advisor, and Alan Greenspan, a private economist at the time and soon-to-be head of the Federal Reserve.

3. In 2000, conservatives finally had a perfect storm – control of the White House, the Congress, and the Senate. They (with Sen. Phil Graham in the lead and Sen. John McCain right behind) pushed through a deregulation package that completely gutted the laws written in 1933. The devastation of the last week is the ultimate result.

4. Last night on 60 Minutes, McCain was asked what he thought of the 2000 deregulation. He said there was no doubt that deregulation helped to expand the economy. There was a brief silence as the air left the room.

Well, you pays your money and you takes your chances. Be sure and vote.