Racing to the bottom....

This just pisses me off:

Accounting Plan Would Allow Use of Foreign Rules
WASHINGTON — Federal officials say they are preparing to propose a series of regulatory changes to enhance American competitiveness overseas, attract foreign investment and give American investors a broader selection of foreign stocks.

But critics say the changes appear to be a last-ditch push by appointees of President Bush to dilute securities rules passed after the collapse of Enron and other large companies — measures that were meant to forestall accounting gimmicks and corrupt practices that led to those corporate failures.

Legal experts, some regulators and Democratic lawmakers are concerned that the changes would put American investors at the mercy of overseas regulators who enforce weaker rules and may treat investment losses as a low priority.

When all else fails, deregulate? Because over the last 30 years, that has worked so bloody fucking well for us?

I am so very, very tired of the idea that we need to lower our standards on every fucking issue in order to be "competitive" in the "global economy".

We need to set our standards to be more in line with countries that have appalling human rights standards, no environmental standards, and, apparently, skewed and dishonest accounting standards.

Say that once, without a trace of dismay in your voice, if you can. And then tell me how that equates to American Leadership.

Bush and the GOP do not want this country to lead. They want this country to be a playground bully with wealthy parents.

Bonus reason to work to keep McCain out of the White House: Phil Gramm would most certainly set economic policy under a McCain presidency.