In last night's presidential debates, Senator McCain and Senator Obama offered competing vsions for the economy. Both attempted to address the concerns and
aspirations of middle class Americans in the midst of the dual housing
and financial crises driven by Wall Street. This got me thinking back to the
root causes of the crises. I’ve followed the technical discussions on bundled mortgage securities
and over-leveraged firms, and no doubt many people made reckless
decisions, but the problem lies even deeper with the economic
philosophy that has reigned for over 30 years.

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