Wednesday, September 17, 2008

McCain spent his career pushing for deregulation - what is now causing America's financial institutions to collapse

John McCain is confused about the economy. As the NYT reported yesterday, John McCain " scrambling to adjust" his prior staunch pro-deregulation stance.

He has spent his career as a deregulator:
– “I am a deregulator. I believe in deregulation.” [CNN, 7/13/03]

– “I have a long voting record in support of deregulation.” [St. Petersburg Times, 6/5/03]
Until his comments today calling for more regulation, it seems that John McCain's solution to an era in which financial deregulation set the stage for federal bailouts, rampant speculation, and reckless lending is ... less regulation.

"Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments to raising capital."

-- John McCain, March 25, 2008

Headline of Phoenix Business Journal, Feb. 6, 2008:

McCain points to support of low taxes, less regulation in wake of Super Tuesday wins

Reading McCain's economic agenda and listening to his speech, it appears that the problem with the last eight years is that we haven't seen enough tax breaks for the wealthy, that economic royalism hasn't been pursued with sufficient vigor, and that the middle and working classes haven't been stiffed sufficiently.

McCain wants to extend the Bush tax cuts, which he once opposed as a needless sop to the rich in a time of war.

More on McCain's confused and wavering economic policies: here, here, here

1 comment:

Anonymous said...

Dear friend,

Realy it is very useful post , Accept my sincere thanks and appreciation

John Bill


Jobs , companies , real estate , engineers