McCain today: "I think deregulation (of Wall St.) was probably helpful to the growth of our economy"

[bigtree]

from Think Progress: http://thinkprogress.org/2008/09/21/mccain-deregulation/


McCain: I’m glad I deregulated Wall Street.

In the wake of last week’s financial meltdown, Sen. John McCain (R-AZ) has been calling for more regulation and criticizing lax oversight of Wall Street, despite the fact that he and former senator Phil Gramm passed much of the deregulatory reforms that led to the current crisis. Interviewed on CBS today, however, McCain said he does not “regret” championing the deregulation of Wall Street:

Q: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?

McCain: No. I think the deregulation was probably helpful to the growth of our economy.



McCain actually voted for the bill that deregulated Wall St. . . .

. . . and one of the bill’s architects was McCain economic adviser, former Sen. Phil Gramm.

In 1999, Congress passed the Gramm-Leach-Bliley Act, which abolished “all of the significant rules put in place at the time of the Great Depression designed to prevent a repeat.” Specifically, this act “destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies.”

So McCain is promising to put an end to the “reckless conduct” that he voted to allow, while being advised by a team that still believes rampant deregulation is the way to go.


more from Think Progress: http://thinkprogress.org/wonkroom/2008/09/20/economists-blame-gramm/

[knowbody0]

1. but it was very helpful to the growth of THEIR economy

they feed off US get very very fat, then cry help when there's nothing left of us.

[Old and In the Way]

2. We should have prosecuted this guy when he was busted doing favors for Charles Keating.

2 good reason to prosecute ethics violations-

1) Get rid of the immediate problem: caught corrupted politicians.
2) Send a signal to future/other ethically challenged politicians that if they want to work for business, get a job with one in the private sector.

When we fail to prosecute, why are we surprised that corruption blossoms?

[bigtree]

3. It's incredible to hear the calls to leave the present pack of crooks alone

. . . from these folks who are so cocky about the prospect that WE"LL provide the money to bail them out.