The Democratic Party has been criticized here for quite a while for not being able to elicit exactly what their economic plan is in three words or less, where the Republicans for 30 years have vowed to have lower taxes, less government, and less regulation.

The good news is that the catchy phrase and it‘s so catchy I hope the American people remember it when they go to the polls in November, but another more truthful way of saying that is to say that the Republicans were in favor of huge deficits, rampant corruption, and global financial meltdowns.

And there‘s nothing random about this event. You know, Greenspan and others are trying to claim this is a 100-year flood, completely unexpected. It‘s really just the opposite. It‘s a direct result of complete and utter deregulation of the entire financial market for the last 30 years, starting with realtors, commercial bank leverage, investment bank leverage 25 times, Fannie Mae leverage over 100 to one, hedge funds completely non-transparent.

The whole idea of deregulation is to allow business owners to do what they want. And all business owners want one thing which is greater profits however they can accomplish it. And unfortunately, for American workers, workers‘ wages are the biggest line and cost expense to most businesses.

So, what do you do, you get in and you put the American worker in competition with low wage China and Vietnam, you cut their benefits, you attack their unions. And then you do whatever else you can to improve your profits, whether it‘s, you know, degrade your quality control, hurt your environmental, et cetera, et cetera.

This is the fallacy of most free market economists. They believe as productivity increases, workers‘ pay will increase. But workers‘ pay is a negotiation, if anybody knows or who‘s ever gone into their boss‘ office at the end of the year. And we‘ve seen unions on this country decline in the private sector from 35 percent to approximately 9 percent.

This worker force in America, one of the most productive in the world, has been put in competition through globalization with 50-cent-an-hour employees around the world. So, that‘s very a tough environment to negotiate a higher wage.

I think we all remember the pitch for trickle-down economics back in 2000 and even as far back as Reagan. I think, the American people were taken, but you ended up voting for George Bush. He ended up giving $3 trillion or $4 trillion to the wealthiest 10 percent of Americans.

It‘s just amazing to me that McCain is trying the same pitch again because some of you fell for it, but the money never trickled down. It didn‘t result in a tremendous improvement in the economy or in new jobs. So Obama's sole emphasis is on bottom-up, not wealth redistribution, but giving everybody an equal opportunity through greater education and greater job opportunity.