Why is it that we are supposed to think that hindsight = leadership?
John McCain has been a strong proponent of deregulation.
His chief financial advisor has been Phil Gramm, until Phil got both feet in his mouth recently and became a detriment on the campaign trail. Gramm was fired because he was an embarrassment, not because McCain stopped valuing his financial advice.
Gramm was one of the architects of the banking deregulation that took place a few years ago, with McCain as a supporter.
How did that work out? Well, now we are in the middle of this debacle where the banking industry is proving that it can't police itself any better than a lot of other industries. Economists outside of the Washington social circles have been pointing this out for years but they have been, for the most part, ignored. Most of them have recently been restrained and not shouting gleefully "told ya so!" even though it must be tempting.
Now that it is an actual crisis and all the bad decisions and greed and simple shortsightedness are becoming public ... McCain has discovered the advantages of regulation and oversight. He has also discovered that some people on Wall Street are greedy to the point of self destruction.
And we are supposed to believe that his somewhat myopic hindsight is really the kind of leadership that we need.