Obama says the ongoing crisis is the result of “[e]ight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans”; the obvious solution is more regulations.

McCain, on the other hand, says the problem is “the outdated and ineffective patchwork quilt of regulatory oversight in Washington,” for which he promises reform, not abolition. Furthermore, he wants to “bring transparency and accountability to Wall Street,” which can only mean additional regulations.

Once again an election promises to offer an echo, not a choice.