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Bush, McCain, Obama, Volcker, Ears, and Surprises

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Andy Morriss — University of Illinois law prof, and my co-blogger at Market Correction [2] — sent the following letters yesterday.  The first is to the Wall Street Journal; the second is to the Financial Times:

Sirs,

Rather than being reassured that Paul Volcker is “whispering
in Obama’s ear,” (“Volcker Makes a Comeback as Part of Obama
Brain Trust,” Oct. 21) I find it frightening that financial markets
believe that any person, whether it be Sen. Obama or Sen. McCain, is going to
have such power over private individuals that we need to worry about who
whispers in their ears. I’d be much happier if the only people whispering
in Sen. Obama’s ears were his wife and daughters.

//////

Sirs,

You report that Pres. George W. Bush is “open to the
idea” of yet another spending package as if it were a surprise (“Fed
chief backs new stimulus before year’s end,” Oct. 21). Pres. Bush’s
consistent failure to veto the enormous number of spending bills both
Republican and Democrat-controlled Congresses have sent him merely confirms
that, like all politicians,  even America’s nominally “conservative”
ones are always willing to spend other people’s money.  I predict that
you’ll be reporting a year from now that our next president is
considering yet another spending spree, no matter who wins the upcoming election.

Andrew P. Morriss
H. Ross & Helen Workman Professor of Law and Business
University of Illinois

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