McCain's Record: A Dangerous Lack of Oversight

Leadership in Washington has been preaching for years that deregulation was the solution.

"But the implosion in financial services—until recently seen as the shining example of U.S-style free market capitalism—is the definitive sign that deregulation has lost its allure." [Business Week, 9/18/08

McCain Mocked Obama's Proposal To Give Greater Supervisory Authority To The Fed, Now He's Turning To The Same Policies.

"In a March speech, [Obama] called for giving the Federal Reserve greater supervisory authority when it acts as a lender of last resort...McCain spokesman Tucker Bounds said in a statement after Obama's speech that the Illinois senator is endorsing the 'failed liberal policies of the past.' In the current environment, though, those policies are looking more appealing, even to McCain who also called for streamlining regulation and appointing a central oversight agency." [Bloomberg, 9/17/08]

2008: Only Weeks Before The Bear Stearns Collapse, McCain Proclaimed Himself A “Deregulator” And Said “I’m Always for Less Regulation.”

McCain told the Wall Street Journal “As far as a need for additional regulations are concerned...I am a fundamentally a deregulator. I'd like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.” [Wall Street Journal, 3/3/08]

2003: McCain: “I Am A Deregulator. I Believe In Deregulation.”

While speaking about the cable and satellite television during an appearance on CNN’s “On the Money,” John McCain said, “I am a deregulator. I believe in deregulation.” [CNN, “In the Money,” 7/13/03]

1993: McCain Spoke In Support of a Banking Bill Because It Eliminated “The Tremendous Regulatory Burden Imposed On Financial Institutions.”

While speaking in favor of bank deregulation on the floor of the senate, John McCain said, “This legislation takes a small but important step toward eliminating the tremendous regulatory burden imposed on financial institutions… One principal reason banks are unable to make loans is the bewildering array of statutory and regulatory restrictions and paperwork requirements imposed by Congress and the regulatory agencies. [Congressional Record, 11/19/93]

McCain Doesn't Care About The Effect Of Free Trade On American Workers

McCain Said He Is “Unapologetic” In His Support of NAFTA.

Republican presidential candidate John McCain, in one of his strongest endorsements of free trade, called himself "an unapologetic supporter of NAFTA," an agreement that many Americans feel has cost them jobs. [Speech at National Council of La Raza, July 15, 2008; CBS News, 7/14/08]

Carly Fiorina, One Of McCain's Top Advisors, Called the Offshoring of American Jobs "Right Shoring."

The San Francisco Chronicle reported: "Labor unions have battled "offshoring," which Fiorina calls "right- shoring," for decades, he said." [San Francisco Chronicle, 1/9/04]

McCain Supports Unchecked Free Trade With Everyone.

"If I were President, I would negotiate a free trade agreement with almost any country willing to negotiate fairly with us. Only risks to the security of our vital interests or egregious offenses to our most cherished political values should disqualify a nation from entering into a free trade agreement with us." [Speech to National Press Club, 5/20/99]

McCain's Doublespeak on Taxes

McCain Vowed To Make Bush’s Tax Cuts Permanent.

During a January 2008 GOP debate, McCain said: “I think it’s very important that we make the Bush tax cuts permanent.” [MSNBC/FAU GOP Debate, 1/24/2008]

• FLASHBACK to 2001: McCain Lamented Bush's Tax Cuts, "I'd Like To See Much More Of This Tax Cut Shared By Working Americans...I Think It Still Devotes Too Much Of It To The Wealthiest Americans"

  [Washington Post, 4/25/08]

McCain Adviser Doug Holtz-Eakin Admitted, Contrary To What McCain Says, That They’re Going To Have To Raise Taxes.

“And now, in a forthcoming book by Fortune columnist Matt Miller, he makes it clear that the next President is going to have to raise taxes....So why does tax-cutting mania persist among Republicans, I asked Holtz-Eakin, the McCain adviser--given...that, as Holtz-Eakin himself explain to me, taxes soon have to go up substantially in any event? ‘It's the brand,’ he said, ‘and you don't dilute the brand.’” [Joe Klein, Time Magazine, 9/12/08]

McCain Would Eliminate The Exclusion Of Health Benefits From Taxable Income That, According To His Campaign, Will Generate Tax Revenue Of $3.6 Trillion Over 10 Years.

"To end the disadvantage to those who do not buy insurance through employers, Mr. McCain proposes to eliminate the exclusion of health benefits from taxable income. In exchange, he would provide refundable tax credits of $2,500 to single people and of $5,000 to families, with the goal of stoking competition in the individual insurance market. The elimination of the exclusion would generate $3.6 trillion over 10 years, according to the McCain campaign, and that money would pay for the tax credits.” [New York Times, 5/1/08]

McCain Came Late in Supporting the Auto Industry

McCain Was Not On Board With Loan Gurantees for The Big Three Until Long After Sen. Obama

"McCain has recently decided to support $25 billion in loan guarantees for the domestic automakers, but he was not on board with the idea as soon as Democratic rival Barack Obama, who has said he would support as much as $50 billion in loan guarantees to help the automakers retool to make more fuel-efficient and alternative energy vehicles."[Associated Press, 9/18/08]

Out Of Touch: Even After The Auto Makers Said They Needed The Loan Guarantees, McCain Continued To Suggest They Had Said The Opposite

• AUGUST 5: Big 3 Automakers Seek Government Assistance To Combat Slumping Sales And Rising Fuel Prices. According to the Detroit Free Press, “Chief executives Rick Wagoner, Alan Mulally and Robert Nardelli -- of General Motors Corp., Ford Motor Co. and Chrysler LLC, respectively -- talked Friday and agreed that access to capital is their most critical short-term need during this volatile period of high fuel prices and slumping SUV and truck sales, sources told the Free Press… Indeed, they hope to persuade Republican John McCain to support an aid package for Detroit, perhaps using Michigan's clout as a swing state to spark a bidding war of sorts between the candidates.” [Detroit Free Press, 8/5/08]

• AUGUST 14: McCain Declined To Support Any Of The Auto Loan Guarantee Proposals Saying The Big 3 Are Confident They Can Succeed Without Them. The Detroit News reported, “John McCain on Wednesday declined to support any of several proposals to provide loan guarantees to the domestic carmakers…Asked if he backed such proposals, McCain suggested that such support might create a sense of doom around the companies. I have heard many of these proposals, but I have also had meetings with the Big 3 automakers, and they are confident that with the new hybrids and flex-fuels and other technology advances ... they can succeed. ‘So in all due respect, I worry a little bit about us predicting failure on the part of the automakers when they're struggling mightily.’" [Detroit News, 8/14/08]

McCain’s Voting Record on Florida Innovation

McCain has repeatedly and consistently voted against renewable fuel and ethanol mandates. [Vote #139, Vote #138, 6/15/05; Vote #206, 6/4/03; Vote #204, Vote #203, 6/3/03; Vote #88, 4/25/02; Vote #78, 4/23/02]

In 2004, McCain introduced an amendment to eliminate all provisions relating to energy tax incentives, including wind. The amendment failed 13-85. [vote #89, 5/11/04, amendment failed 13-85]

Sen. Grassley created the Wind Production Tax Credit in 1992 and has said, "The wind production tax credit has been the number one reason for the influx in production and manufacturing in Florida. Wind energy has not onlyhelped power many parts of Florida, but it has provided a great deal of economic activity in struggling communities."

In 2007, McCain was the only senator who skipped a key vote on the Energy Independence and Security Act. The issue was whether to close $13 billion in tax breaks for major oil and gas companies to invest in new clean energy technologies such as wind and solar. The motion failed by one vote. According to Forbes.com, "Sen. John McCain, R-Ariz., was not present for the voting because he is on the presidential campaign trail. However, a spokesperson said that he would not have supported breaking the filibuster." [Vote #425, 12/13/07; Forbes.com, 12/13/07]

In 2005, McCain voted against legislation calling on the President to submit a plan to reduce foreign petroleum imports by 40 percent and twice voted against legislation that would have temporarily taxed oil company profits and provided consumers with a tax credit. [Vote #140, 6/16/05; Vote #341, 11/17/05; Vote #331, 11/17/05]