Two Lefts Don’t Make A Right…On Wall Street.

I’m not claiming to be an expert on economics, but it seems to me that neither Barack Obama, nor John McCain have any idea about what is causing this week’s economic meltdown on Wall Street. It is clear, however, that both of the candidates are going to squeeze as much as they can out of the situation for political gain. To do so will however prove to be futile, because economics and politics clearly don’t mix.

You can’t motivate anyone with a speech on economic policy, and no memorable sound bite can capture what is wrong with the stock market. In fact, I would venture that most Americans would prefer to hear their candidates make unfair judgments about each others character than hearing them debate on economic policy.

However, due to the recent chaos, (i.e, the Fannie Mae, Freddie Mac, Lehman Bros., and AIG bailouts.), the economy has once again become the most important issue in this election. Both Sens. McCain and Obama have called for strict government regulation for Wall Street’s investing practices, and additionally both candidates have spoken out against taxpayer funded federal bailouts for investment firms. Beyond these somewhat obvious conclusions, neither candidate offers much substance in solving this economic crisis.

Barack Obama, in particular, has taken a predictable and completely irrelevant approach in explaining this week’s dive; to quote, “What we’ve seen in the last few days is nothing less than the final verdict on an economic policy that has completely failed.”

Does Sen. Obama actually expect voters to believe that the consequences of bad decision making by consumers, investors, and mortgage lenders should be directly attributed to George Bush’s tax policy? I hope not. With Sen. Obama offering no real solutions, he seems to be politicizing the issue by feeding off the emotions of the thousands of middle class Americans who are small investors. Frankly, I’m embarrassed for any voter who is persuaded by this irreverent politicking.

John McCain, on the other hand, doesn’t do much better. In typical McCain fashion, he makes sense of the situation by finding an antagonist. While campaigning Tuesday, he said, “We are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street.”

Sen. McCain is correct in his motive, but the answer to reforming Wall Street doesn’t begin with government regulation. The toughest reformer of all is the fundamental nature of the free market. As harsh as it may sound, consumers and investors who make bad decisions must face the consequences of their actions. To think or act otherwise is economically and morally irresponsible.

Truthfully, I’d like to hear the candidates promote personal financial responsibility. The American economy will only be truly successful when citizens collectively decide to stop living beyond their means.