SEPTEMBER 2008, ECONOMIC GROUND-ZERO: MCCAIN CALLS FOR “REGULATION”?
By September 2008, economic signs of perilous and dramatic decline finally awakened John McCain to the reality that our nation is in crisis. Contrary to his contentions that the “fundamentals of the economy are strong”, John McCain officially launched a campaign of change — change of his core beliefs and change sold to the American people in exchange for votes.
Here’s some straight talk my friends: McCain’s leadership during this economic crisis is clear, decisive, executive, but obviously flawed and confused.
His primary solution has been to abandon his core beliefs by assuming the position of his opponent. Not just a flip-flop; true, volitile change
McCain’s recent call for “regulation” is complete and total role reversal —- Change from decades of demands for free-market deregulation championed since 1986, to a panicked plea for “oversight” and “regulation” of failed, corrupt businesses that have been allowed to operate unchecked under his trademarked deregulated environment.
In the midst of economic crisis, McCain has offered change to the American public who have been victimized by unfettered, deregulated, free-market capitalism created by deregulation and allowed to flourish unfettered for decades.
When confronted by Bob Shieffer on CBS’s Face the Nation, McCain was specifically asked if he was calling for “more regulation” to help bring change to Washington, McCain responded clearly and decisively:
“More regulation, more oversight, more transparency, more of everything and, frankly, a dramatic reduction in what they do. You know, they were originally designed to provide a chance for middle-income people to have an affordable home-loan mortgage. And it grew into this sprawling, massive bureaucracy, rife with corruption, cronyism, special interests, lobbyists and a relationship with Congress. Congress passed these laws that allowed these massive loopholes to be there.”
9/7/2008 – CBS Face the Nation: John McCain’s answer to dealing with Fannie/Freddie failure
As the economic crisis worsened through the month of September, McCain continued to inject change into his soulful campaign for President. The following are more dramatic quotations from the American Hero, John McCain:
“Well, I think everybody is at fault here, the Bush administration, Republicans and Democrats and I would remind you that the Democrats have had control of both houses of Congress in the last two years. I’d like to know what efforts that they have made. But look, everybody is at fault here. The regulatory agencies were clearly asleep at the stick. Regulatory agencies are designed and made up in the 1930s and, obviously, need to be updated and upgraded and we need to find out exactly what we need to do and that’s why I think maybe we ought to have a 9/11 commission type thing because this crisis is very serious and very much, certainly, a threat to our economy.“
9-16-08 CNBC “Squawk Box”
McCain’s political panic has permeated his campaign, as evidence mounts proving that years of deregulation have created one of the most enormous financial meltdowns of our entire history. We will not know the enormity of these dramatic events until well after the crisis is over, yet John McCain has managed to switch his life-long position in the heat of the battle, and bait the American’s who aren’t aware of his record of attempting to shred oversight and regulation.
Immediately following the climactic failure of AIG during the financial meltdown, John McCain issued the following statement on the situation in the financial markets:
“Today, the government was forced to commit $85 billion to stop the collapse of AIG, another in a growing series of events that includes Bear Stearns, Lehman Brothers, Fannie Mae and Freddie Mac. These actions stem from failed regulation, reckless management, and a casino culture on Wall Street that has crippled one of the most important companies in America. The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG. We must not bailout the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act.
“We should never again allow the United States to be in this position. We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America. Important questions remain to be answered by Wall Street. Did executives mislead investors and regulators about the severity of the problem? We must investigate whether or not there was misrepresentation on part of the company executives. If there was, there must be penalties. We need to change the way Washington and Wall Street does business, and as President I will.”
09-17-2008 Statement by John McCain
“We are going to fight the greed and irresponsibility on Wall Street,” McCain said in Lake Orion. McCain added: “These actions stem from failed regulation, reckless management, and a casino culture on Wall Street. … We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America.”
09-18-2008 McCain in Grand Rapids: Give the Automakers Loans
1986 – SEPTEMBER 2008: HUH? McCAIN HAS BEEN A CAREER “DE-REGULATOR”
For decades, John McCain has paved a documented road with public statements and proclamations portraying himself as a “de-regulator”.
Essentially, for decades he has always sided with the Ronald Reagan Republican montra of less-government, less regulation and free-market capitalism. His core beliefs have not only been displayed through his long history of public remarks; John McCain has proudly and specifically claimed the title of deregulator. Here are quite a few documented quotations:
“The bill I introduce today is what I believe to be the most deregulatory approach to encouraging competition in telecommunications.”
-3/16/1998 Floor Statement – Telecommunications Competition Act of 1998
“I want to lead a party that believes in deregulation, competition, and open markets; a party that trusts in the creative genius of the people rather than subsidies to corporations that have become trapped in a form of welfare dependency.”
- 2/26/1999 Address to California Republican Party
“It is sadly ironic that an airport named for President Reagan, who stood for free markets and deregulation, will continue to be burdened with two forms of economic regulation-slots and a perimeter rule.”
“I believe any objective economist will assure all of us that deregulation has led to increased competition and lower fares. But some of that trend has leveled off of late because of a lack of competition, because of a lack of ability to enter the aviation industry.”
- 10/5/1999 Floor Statement- Air Transportation Improvement Act
“I believe the law already allows the Commission to take such action, but it is not clear that the courts would agree. The D.C. Circuit has stated that Section 202(h) of the Act “carries with it a presumption in favor of repealing or modifying ownership rules“ and that Congress set in place “a process of deregulation“ by enacting Section 202(h) and the Telecommunications Act of 1996. The court likened this process to “Farragut`s order at the battle of Mobile Bay –`Damn the torpedoes! Full speed ahead [toward deregulation].“`
I have a long voting record in support of deregulation. I generally believe in letting markets, not government, regulate the way businesses operate.”- 06/04/2003 Statement of Senator John McCain Committee on Senate Commerce, Science and Transportation
“I am a deregulator. I believe in deregulation.”
- 07/13/2003 CNN Interview – In the Money
“But we need deregulation. I was one of three people that voted against Sarbanes-Oxley. I knew that would be a problem, and it is a problem for the financial markets.
So this is the kind of thing we need. We need the government out of the way, but it should have sound money, low taxes, less regulations, and a sensible policy where we’re not wasting our money overseas.”
- 1/24/2008 Republican Presidential Candidates Debate
In the fog of war; the heat of the battle, Mr. McCain has shown his true character and executive demeanor. This is certainly an exhibit of change that the American public had not anticipated when he first hi-jacked the brand from his opposition, Barack Obama.
As the Republicans frequently emote form their loyalists, “God Bless America”. 72 years on earth, and 26 years of politicking, McCain hasn’t found himself. We sincerely pray that John McCain’s confusion does not makes it’s way to the doorsteps of the White House. His core principles are obviously not very fundamentally sound.
