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Thursday, October 20, 2011

Herman Cain is a demagogue


Herman Cain is a demogoue. According to Wikipedia, a demagogue is a political leader who seeks support by appealing to popular desires and prejudices rather than by using rational argument.

Herman Cain recently said, "Don't blame Wall Street. Don't blame the big banks. If you don't have a job and you're not rich, blame yourself." The unemployed were an after- affect of the Wall Street meltdown. 

The meldtdown was caused by the Bush Ownership Society policies  that encouraged easy credit. It was also caused by the deregulation of the investment banks when the Glass-Steagall act was repealed. 

Time Magazine balmed many prominent Repblicans such as Hank Paulsen and Alan Greenspan in both government and private industry for the fiancial meltdown. Paulsen also let the five biggest investment banks reduce their reserves in 2004 by changing SEC rules. When the french discovered they were holding toxic US real estate securites, the real estate bubble burst. 

Wall Street greed and manipulation of securities was the biggest cause of the financial meltdown. 

Republicans have always had problems discerning cause and effect. 

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Posted by Unknown at 11:00 AM

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