Everyone has heard the famous phrase, attributed to James Carville, which supposedly won the presidential election of 1992 for Bill Clinton: “It’s the economy, stupid!” It’s still good advice, especially as the shocking collapse of the financial markets has turned the election campaign into a much more serious and somber discussion than lipstick on pigs.
But the issue is deeper than just the economy. I would now rephrase Carville and say, “It’s the morality, sinner!” And I would direct it to the people who have been making the decisions about the direction of this economy from Wall Street to Washington.
The post contains Wallis' summary of how the financial crisis developed. Both it and the comments about it are interesting reading.