In the past few decades it has become much rarer for the poor to move themselves out of poverty. Low economic mobility and high income inequality are hallmarks of feudal societies run by landed gentry, not nations founded on fairness and equal opportunity.
|By: Tula Connell Sunday September 21, 2008 2:00 pm|
For most of us (John McCain excepted), the collapse of Lehman Brothers, Fannie Mae, Freddie Mac, Bear Stearns, Merrill Lynch, AIG (and others no doubt yet to come), is a clear sign something major has gone wrong with our financial system.
One of the main culprits in this debacle is the deregulation of the financial industry—which happened in large part through the efforts of McCain economic adviser Phil Gramm, who as senator, pushed through legislation allowing institutions to combine commercial banking and investment services.