Moving Target

The people who refuse to believe that their beloved home-ownership promotion program is largely to blame for what's going on today can't quite make up their minds about what is to blame. They "know" it has something to do with not enough regulation. But what? First they argued that the Bush regime engaged in an orgy of deregulation. They had to drop that line, however, because the last act of significant banking deregulation was signed by Bill Clinton in 1999. So they changed to "someone was asleep at the switch." Vivid metaphor, but no one has come up with an actual instance of a regulator being asleep at whatever switch he allegedly was asleep at. So now there's a new argument, voiced by Hillary Clinton this morning: the Bush regime failed to anticipate the need for a new regulatory structure in the global economy. (I won't ask why her husband also failed in that regard.)

To quote John Stossel, "Give me a break!"

Cross-posted at Liberty & Power.