With today’s bankruptcy of Lehman Brothers and fire sale of Merrill Lynch, it is important to remember that McCain supported the Bush Plan to privatize your social security.
Here’s McCain (via ThinkProgress) on the Bush privatization plan:
“Without privatization, I don’t see how you can possibly, over time, make sure that young Americans are able to receive Social Security benefits.” [C-Span Road to the White House, 11/18/2004]
“As part of Social Security reform, I believe that private savings accounts are a part of it — along the lines that President Bush proposed.” [Wall Street Journal, 3/3/2008]
In March of 2005, McCain hit the road with Bush to push for the Bush privatization plan trumpeting the leadership of Bush on this issue. Indeed, as late as April of this year, one of McCain’s chief economic surrogates – Carly Fiorina, the HP destroyer – was telling rightwing radio that McCain would continue to support private accounts for social security.
As to another angle on today’s financial woes, Paul Krugman (from whom I borrowed the “Russian Roulette” phrasing) weighs in with an editorial wondering why the Bush Administration has failed to act when the writing of this crisis has long been on the wall. Instead, “Hank” Paulson and his benefactor, George Bush, are playing a much bigger game of Russian Roulette with our economy.