McCain: Scrap Friday Debate for Bailout
Obama rejects McCain call to delay debate
You’ve seen the headlines. Most of them read that way. Some are calling it a ploy, which it may be. But the point is, is it a good ploy?
Or would McCain have been better off to debate today? McCain is even putting his advertisements on hold, which seems bad strategy to me as so many of them have been effective and put Obama on the defensive.
A lot of Republicans are calling it brilliant strategy, strong leadership, a way to turn the tables on Obama, but I just don’t see it.
I’m reminded of a statement by Ronald Reagan who said to always fear someone who claims ‘I’m from the government and I’m here to help.’ Indeed, the last time this happened (Enron / Arthur Anderson) our Congress brilliantly created the Sarbanes-Oxley (SOX) act, one of the most convoluted, restrictive, confusing, expensive and entrepreneurially damaging pieces of legislation to ever come out of Capital Hill.
You want more proof SOX was a piece of garbage? If SOX is such a great regulatory deterrent then why are we in yet another financial mess? SOX threw out the baby with the bathwater.
People should be terrified of what comes out of Congress next.
[US News & World Report] The possibility that Sarbanes-Oxley has become too much of a burden on companies has become real even in the eyes of previous supporters of the bill. Two years ago, Rep. Nancy Pelosi admitted that Sarbanes-Oxley has had “unintended consequences” and that it needs some “fine-tuning.” But we haven’t seen any real action from Congress.
At a time when many people are saying that more regulatory oversight is the only way to fix our financial markets, it is important to remember that a “crisis mentality” approach to regulation often results in overreaching that creates new problems. The lack of venture capital-funded IPOs might be one example of such a problem.