That the Federal government needs a coherent strategy for dealing with financial crises is obvious. New regulatory systems are urgently needed, as are explicit policies regarding the use of taxpayer money to rescue profligate and ill-managed financial institutions. The immediate priority, however, is to survive the very ugly near term.
Senator McCain's criticisms, today, of the Federal Reserve Bank and the Treasury are akin to second guessing battlefield commanders while the fighting is still underway. As a retired U.S. Navy Captain, Senator McCain knows better.
The time for criticism, and the replacement of failed commanders, comes when the fighting is over. If he is elected, Senator McCain will have that opportunity; if not, then his position as a Senator will offer him a sufficient soapbox. For now, silence would have been the best strategy.
Perhaps the Senator, given his admitted lack of knowledge of economics ,should have paid heed to this adage - variously attributed to Mark Twain, Abraham Lincoln, and others:
"Better to keep your mouth closed and be thought a fool than to open it and remove all doubt."
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