Many of us still must be wondering how this financial meltdown came up on us as fast as a storm over the Rockies. But at least we understand that we're entering a time much like the early 20th century, when regulating runaway industries became the norm. What we have to debate is where to draw the lines, which is why this presidential race is so important. The way the 44th president approaches the economy will influence not only the next several years but the next several decades. What Teddy Roosevelt did in the 1900s, when he tried to regulate everything from financial abuses to the way sausage was made, set up a system still around today. Barack Obama and John McCain accept the onset of this new era and agree that the federal government must intervene to save the economy. But one represents a liberal party whose preference for regulation and spending he doesn't appear inclined to rein in. When asked at the debate last week what he would give up to make way for this $700 billion injection into the financial system, Obama talked about the spending he would protect before finally noting the savings from ending the war in Iraq. McCain represents the party of conservatism but has shown himself willing to break conservatism by favoring limits on corporate power. Unlike some conservatives, he has advocated greater limits on executive pay while also favoring government stepping in to rescue financial houses. ...
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