John McCain Abandons 26-Year Record Opposing Regulation

The recent turmoil in the American financial system has caused John McCain to suddenly embrace regulation after building a 26-year record of opposing it.

So when John McCain goes out on the campaign trail and releases television advertisements pledging "new rules" on Wall Street, you can imagine why the New York Times editorial board was completely floored.

As for Wall Street, Mr. McCain blamed the meltdown on “unbridled corruption and greed.” He called for a commission to find out what happened and propose solutions. His diagnosis and his cure are misguided. The crisis on Wall Street is fundamentally a failure to do the things that temper, detect and punish corruption and greed. It was a failure to police the markets, to enforce rules, to heed and sound warnings and expose questionable products and practices.

The regulatory failure is rooted in a markets-are-good-government-is-bad ideology that has been ascendant as long as Mr. McCain has been in Washington and championed by his own party. If Mr. McCain adheres to some other belief system, we would like to hear about it.

Shocking because this was John McCain fifteen months ago:

“You are interviewing the greatest free trader you will ever interview, and the greatest deregulator you will ever interview,” he said.

Also, about that righteous indignation regarding "corruption and greed on Wall Street," you have got to wonder how those 83 Wall Street lobbyists he employs feel about that.

To quote Senator Barack Obama: "If you think those lobbyists are working day and night for John McCain just to put themselves out of business, well then I've got a bridge to sell you up in Alaska."

Comments (1) «

You can’t give McCain even half the credit for being for regulations now while he still is peddling his party’s blind tax cuts ‘hoping’, instead of regulating, that corporations and the rich will use the money to hire people and help the economy instead of their hoarding tax cut money. Don’t we all need Obama’s plan to regulate into tax law that corporations and small businesses will receive tax cuts only ‘if’ they give their employees health care?

In the meanwhile…

$121 IN ADDITIONAL FEDERAL TAXES TO WHAT YOU PAY NOW IS ALL YOU WILL PAY UNDER AN OBAMA ADMINISTRATION IF YOUR YEARLY INCOME IS BETWEEN $227,000 AND $603,400! (This according to Parade Magazine “How Much Would You Pay in Taxes?”, pub. October 12, 2008 and TaxPolicyCenter.org)

Voting for Obama instead of McCain will keep McCain from giving these certain people with this income (whom he ‘assumes’ is ‘his’ constituents) another unnecessary free-for-a-vote tax cut of $8,159. Which is probably about the amount of money one disabled Iraq war or Vietnam vet received in an entire year.

1

Hope4U on October 16, 2008 at 10:37 AM

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