More Government?

The current financial crisis is undoubtedly complicated, and bad enough that even libertarian types are convinced the bailout is needed. I'm skeptical of the bailout myself, but what is known is that the problem was largely caused by decades of irresponsible government policy and the danger was understood for most of that time (via Coyote Blog).

Obama's solution? More government.

Obama outlined principles in his regulatory reforms including overseeing financial institutions that borrow from the government, improving transparency for financial disclosure, streamlining regulatory agencies, cracking down on trading activities that border market manipulation and establishing a market advisory group.

McCain's solution? More government.

First, to deal with the immediate crisis, I will lead in the creation of the Mortgage and Financial Institutions trust -- the MFI. The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safe guard the life savings of all Americans by protecting our financial system and capital markets. This trust will work with the private sector and regulators to identify institutions that are weak and fix them before they become insolvent. The MFI is an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers. This will get the Treasury and other financial regulatory authorities in a proactive position instead of reacting in a crisis mode to one situation after another.

I think I just became a single issue voter. Seriously considering throwing* my vote away on Bob Barr.

* Well, not really throwing away the vote, because it does leave a record of the fact there are votes that could be captured by better positions in the mainstream candidates.