I loved the way they were just able to debate. We should do that more often. We saw Obama for what he really is; a community organizer for ACORN. Obama got schooled!!!
At one point, Obama stated, in the context of the need for regulation, that the banks loaned money to people who shouldn’t have gotten the loans. I was disappointed that Romney didn’t pounce on that one - the reason the banks made those loans was that some community organizer in Chicago sued the banks to force them to make those loans!So the problem of bank regulation in that case was too much of the wrong kind of regulation.
And of course everyone, Romney included, was sanguine about the Social Security Trust Fund. Which, as is plain to anyone willing to look at it, is not a government asset. Or it is, but one which is exactly balanced by a government liability. It is an IOU the government wrote to itself.
The SSTF is “invested in safe government bonds” - which is another way of saying that the government borrowed the money. And given that the government’s credit rating has been downgraded due to geometrically increasing national debt and the refusal of the Democratic Senate to pass, nay even vote on, an actual budget, it should be pretty obvious by now that investment of muct of America's retirement savings in government bonds isn’t quite the panacea the Democrats have sold it for. Adam Smith would have been utterly unsurprised:The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. - The Wealth of Nations, Book IV, Chapter II