How the Democrats Created the Financial Crisis

[cobra bill]

John McCain, Deregulation and The Economy:
The Bottom Line
by campaignmonitor, Sun Sep 21, 2008 at 02:16:25 PM EST

I just watched all the Sunday morning talk shows and one overriding theme emerged.

Nearly everyone, Democrat or Republican, that got up and talked about our current economic crisis largely blamed the lack of oversight and regulation.

Let me repeat that. The emerging consensus is that a lack of meaningful oversight and regulation over the financial services and mortgage industries is now causing us to socialize both industries and put at risk at least $1 trillion of taxpayer money to bail it out.

In light of this, the choice for President in this coming election has now become absolutely and unarguably clear.

McCain has spent his nearly three decades in Washington being aided and abetted by Phil Gramm and his cronies in push through every possible measure to keep the financial and mortgage industries from being subject to meaningful oversight and regulation.


This is how the New York Times describes John McCain's economic regulation pedigree:


[McCain's] record ... suggest[s] that he has never departed in any major way from his party's embrace of deregulation... [H]e has consistently characterized himself as fundamentally a deregulator [yet] he has no history prior to the presidential campaign of advocating steps to tighten standards on investment firms.

McCain has always been in his party's mainstream on the [economic] issue. In early 1995 ... McCain promoted a moratorium on federal regulations of all kinds. 'I'm always for less regulation,' he told The Wall Street Journal last March.... 'I am fundamentally a deregulator.'


The bottom line: John McCain's loving embrace of the fundamental Republican dogma of "deregulation, deregulation, deregulation" has caused the worst financial crisis in American history since the Great Depression.

John McCain, Phil Gramm and their Republican cohorts got us into this mess. It would be, at this point in history, absolutely and profoundly wrong for the American people to reward John McCain's failure by electing him to lead the world's biggest economy.