John McCain's U-Turn

The Financial Times (7 October 2008) this week carried a demolition of John McCain by columnist Gideon Rachman, in a peice about the financial crisis. Last Year McCain was heaping praise on Alan Greenspan, head of the US Federal Reserve from 1987 - 2006. Greenspan was the high priest of financial deregulation. McCain wanted him on an important tax reform committee: 'If he's alive or dead it doesn't matter. If he's dead, just prop him up and put some dark glasses on him.'

McCain has executed a swift u-turn. He now talks about 'the corruption and unbridled greed that has caused a crisis on Wall Street'.

This man hopes to be the next President of the United States.