Yesterday Sen. John McCain called for a high-level commission to investigate the current economic crisis and to propose solutions. Today, the commission released its final report calling for the federal government to immediately withdraw from Wall Street, the home mortgage market and “other sectors where government intervention has undercut the principles of free-market capitalism.”
The commission, which convened at the City Diner Restaurant in Pueblo, Colorado, issued its recommendations before the waitress brought out the pancake syrup, and it called on presidential candidates from both major parties get behind its agenda of common-sense reforms.
The panel, comprised of a truck driver, a Wal-Mart People Greeter, a self-described public school “cafeteria lady” and “that old guy who’s always sitting by himself at the Diner”, noted that “as long as people don’t have to bear the consequences of their behavior, or they think that the government will bail them out if they fail, they’ll take irrational risks.”
“To restore confidence among global investors in the U.S. economy,” according to the McCain City Diner Commission report, “the government must stop trying to mitigate uncertainty, and realize that uncertainty is the juice that creates the potential upside in markets. Without risk, there is no reward. Without potential reward there is no investment. Without investment, the greatest standard of living the world has ever seen would be history.”
The commission, which convened at the City Diner Restaurant in Pueblo, Colorado, issued its recommendations before the waitress brought out the pancake syrup, and it called on presidential candidates from both major parties get behind its agenda of common-sense reforms.
The panel, comprised of a truck driver, a Wal-Mart People Greeter, a self-described public school “cafeteria lady” and “that old guy who’s always sitting by himself at the Diner”, noted that “as long as people don’t have to bear the consequences of their behavior, or they think that the government will bail them out if they fail, they’ll take irrational risks.”
“To restore confidence among global investors in the U.S. economy,” according to the McCain City Diner Commission report, “the government must stop trying to mitigate uncertainty, and realize that uncertainty is the juice that creates the potential upside in markets. Without risk, there is no reward. Without potential reward there is no investment. Without investment, the greatest standard of living the world has ever seen would be history.”
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