Obama Mccain Essay

Last March, in New York, in a speech notable for its depth, balance, and foresight, he said, “A complete disdain for pay-as-you-go budgeting, coupled with a generally scornful attitude towards oversight and enforcement, allowed far too many to put short-term gain ahead of long-term consequences.” Obama is committed to reforms that value not only the restoration of stability but also the protection of the vast majority of the population, which did not partake of the fruits of the binge years.Strategically and morally, the Bush Administration has squandered the American capacity to counter the example and the swagger of its rivals.China, Russia, Iran, Saudi Arabia, and other illiberal states have concluded, each in its own way, that democratic principles and human rights need not be components of a stable, prosperous future.Treasury Secretary Henry Paulson arrived in town (via Goldman Sachs) a Republican, but it seems that he will leave a Democrat.In other words, he has come to see that the abuses that led to the current financial crisis––not least, excessive speculation on borrowed capital––can be fixed only with government regulation and oversight.Mc Cain, who has never evinced much interest in, or knowledge of, economic questions, has had little of substance to say about the crisis.His most notable gesture of concern—a melodramatic call last month to suspend his campaign and postpone the first Presidential debate until the government bailout plan was ready—soon revealed itself as an empty diversionary tactic.During that first term, Mc Cain bolstered his reputation, sometimes deserved, as a “maverick” willing to work with Democrats on such issues as normalizing relations with Vietnam, campaign-finance reform, and immigration reform.He co-sponsored, with John Edwards and Edward Kennedy, a patients’ bill of rights. With John Kerry, he co-sponsored a bill raising auto-fuel efficiency standards and, with Joseph Lieberman, a cap-and-trade regime on carbon emissions.He supports a cap-and-trade program to reduce America’s carbon emissions by eighty per cent by 2050—an enormously ambitious goal, but one that many climate scientists say must be met if atmospheric carbon dioxide is to be kept below disastrous levels.Large emitters, like utilities, would acquire carbon allowances, and those which emit less carbon dioxide than their allotment could sell the resulting credits to those which emit more; over time, the available allowances would decline.

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