Monday, September 22, 2008

A Bridge To Nowhere Part 3

Am I the only one that finds it amazingly hypocritical that John McCain is claiming that he is the one that will fix the problems on Wall St. ?

He is demanding more regulation and oversight of the financial markets. This coming from the man that along with the other Keating Five members blocked regulators from investigating Lincoln savings for 3 years in return for nice big campaign contributions. He has campaigned for POTUS as a “Deregulator” and “friend” of big business up until 2 weeks ago. Last Monday, in the middle of the Wall Street meltdown, he was declaring the "the fundamentals of our economy are strong".

Now he is screaming about corporate greed and corruption being the main problem. Not the deregulation that he and members of his campaign all made happen years ago.

The Washington Post wrote this recently.

A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that "the potential for government interference with market forces is not limited to federal regulation." Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country's financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.

That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.

McCain's logic- It's not the fault of deregulation. The problem is greed and corruption


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