Filthy Lucre

So we seem to be in the middle of a financial scandal so juicy that the news reports read more like Hollywood tabloids than the Wall Street Journal. This stuff is so ripe that even the Wall Street Journal has been turned into a sensational scandal rag. The condemnation and shame are pretty tightly tied to politics at the moment, as somewhat impartial observers are noting that the lack of regulation on the part of government has enabled the current market meltdown. "Hurray!" the Democrats yell, as they sharpen their pitchforks. "We always knew those dirty Republicans were letting their fatcat friends do wrong. Now we are going to firmly affix blame with our freshly sharpened implements!" (Because even in the heat of the moment, they have rehearsed their comments.)

But here is a little question for you: during the last major financial fiasco, the Savings and Loan crisis of the 80s, to which party did the senators of the Keating Five belong? Here's a hint: McCain was the exception, not the rule.

Looks like the rest of us can't assume anything about which party is more likely to maintain strong (and honest) government oversight of the markets.

None of this is to contradict earlier comments that we should be less cynical about politicians and public servants. I just wanted to note that scoundrels come in all flavors, and it's downright dangerous to assume that your favored party is always squeaky clean and the opposition is always dirty.