McCain: "The regulators have been asleep at the switch"

[annabanana]

(Just now in Orlando:CNN)

WTF?? I guess he's talking about Graham, right? Oh no wait.. Graham has been FIGHTING TO STOP REGULATION for years.. Graham is the poster-boy for de-regulation...

[BeyondGeography]

1. What regulators?

[liberalmuse]

2. LOL, you beat me! n/t

[Outlier]

9. The FDIC and the Federal reserve have examiners who

are supposed to make sure the banks don't make bad loans and value the ones on their books properly. The Feds cheap money policy and the loosening of the regulatory oversight since the late 90's contributed to the current mess. However, the members of the Federal Reserve Board and the head of the FDIC are appointed by the president and approved by congress. For anyone in washington to imply we need more regulation is just ridiculous, the regulations are on the books they've just been ignored for the last 5 years.

[OHDEM]

17. Actually, deregulation is part of the Reagen legacy...

That's when they started dismantling the protections put in place after the Great Depression. Or is it 1st Great Depression?

[BeyondGeography]

24. So those ninja loans and those debt instruments that even Wall Street can't figure out how to value

and which were created on BushCo's watch are just hunky dory with you?

[atreides1]

15. This Regulator

Former California Congressman Chris Cox

As a champion of the free enterprise system in Congress, Chris Cox knows that a free economy is built on trust. In the years ahead, Chris will vigorously enforce the rules and laws that guarantee honesty and transparency in our markets and corporate boardrooms. He will be an outstanding leader of the SEC.

[TwilightGardener]

3. Just what I was going to say: It's REPUBLICANS who fought increased regulation.

Like Garrison Keillor said, the bums snuck out the back door and came around to the front door and are yelling, "Throw the bums out!"

[ladjf]

4. Man, McVain will say anything regardless of it's lack of verity.

[Native]

5. Palin used this same line in her speech today - speaking of the financial crisis

[MaineDem]

25. Exactly, the same line verbatim. n/t

[kypp]

26. Fiorina just used the same line on MSNBC.

[WinkyDink]

6. Does McCain actually believe we have REGULATIONS on Wall Street??

IOW, WTH??

[NC_Nurse]

7. No , what few supposed regulators, like ratings agencies, were making a

killing on the bubble. Interestingly enough, the firms that they RATE actually PAY for their services.
Conflict of interest anyone? I wonder who set up this laughable system? Maybe you should look to your former and
CURRENT advisors, Mr. McLame.

[City Lights]

8. Pssst, John, you euthanized the 'regulators' when you voted for the Gramm-

Leach-Bliley Act.

[sandnsea]

30. I wish I could say I can't believe

the media isn't reporting this - but I can believe it. This is the specific act that allowed commercial banks to risk our deposit and mortgage money with investment services.

[City Lights]

31. Why should they waste their beautiful minds with such un-pleasantries when

they've got more important things to report to Uuuuhmurika, like Joe Biden's french cuff links?



Pissed off doesn't begin to describe me at the moment!

[polichick]

10. Well, there's a no-brainer ad! woohoo

[stray cat]

11. McCain means the GOP like himself who fight against regulation?

[dbonds]

12. He was part of the Reagan reformers that got rid of regulation.

[bluethruandthru]

13. I feel like I'm living in some parallel universe!

Up is down and down is up?
WTF is he talking about??? He and his repuke pals in congress are the deregulators! The "free market will take care of itself".."government regulation just inhibits businesses"....

[Skidmore]

14. After all these years, Senator McCain discovers.........

OUTRAGE! OMG!!!

[sandnsea]

16. Gramm-Leach-Biley Act - they already deregulated

Back in 1999.

Media isn't reporting this? Oh I'm shocked.

[NotThisTime]

22. That's what I thought :( Regulators? Are you kidding me?

[SurfingAtWork]

18. The problem Johnny boy, is that the people you want to put at the switch

Like Phil Gramm, are exactly the ones who got us into this fiasco to start with.

[TheCowsCameHome]

19. So where were you, John - still in the Hanoi Hilton?

No excuses this time, sailor.

[AndyTiedye]

20. No. They Were Fired. YOU Voted to Fire Them, Johnnie

[Virginia Dare]

21. Regulators = Bushco republicans..

you own it McShame.

[blondeatlast]

23. Dissing Ronald Reagan, who dregulated everything? What a "maverick' to go against conservative

groupthink values...

[JuniperLea]

27. When Palin was asked what she and McSame would to do fix the ecomony...

She said they would take government out of the way... code for deregluation... someone please tell McSame and Failin that defuckingregulation is the handbasket we are riding to hell right now!

[mrreowwr_kittty]

28. THERE WERE NO REGULATORS TO BE ASLEEP AT THE SWITCH!!1!

That was the whole POINT of the Enron-ification of the economy. The switch was in the hands of the people who were supposed to be regulated. It's also important to understand that what happened was no accident. This is kleptocracy at work. Destroy our economy so that the wealthy global elite can buy everything up and turn the entire planet into their sweatshop.

[LaPera]

29. Lying bastards-It's republican philosophy & ideology-Reagan: DEGEULATE corporations & bust Unions!

If your a republican you embrace this ideology...and we see where it leads, to corporate fascism and corporate (and military) imperialism around the globe by using our tax dollars to invade and steal resources for corporations....that's republican ideology...No matter how much McCain & Palin try to run and lie about it....They are fucking republicans, and this is ALL republicans ultimate ideology....

Along with killing ALL social programs as a republican goal, programs that help the people (not the corporations) including Social Security....ALL republicans will lie (just as Bush did for eight years) and say they want to preserve SS but we know it's complete bullshit...The republicans have always hated SS & the New Deal - they despise liberal programs like SS, republicans have been fighting for years to get rid of all social programs such as SS.... Even though these same democratic programs work and have been very successful, the republican try to drain SS in order to say, "see SS doesn't work" so let's let the corporations take over SS,!

Social Security goes completely against republican ideology and they want to privatize it and then deregulate it for the corporations to pick our pockets, and probably won't be there when most retire....these same deregulated institutions are dropping like flies can you imagine if they held millions of peoples retirement as SS does?...This is republican ideology, corporations first along with bail-outs with our tax money...ALL republicans believe in this or they wouldn't be republicans it's as simple as that.

[annabanana]

33. I really really really wish that Corpomedia would mention this little fact...

but they're the ones making out like bandits.. so I won't count on it.

[DefenseLawyer]

32. The regulators sold the switch on ebay

Then got jobs on K street.